Category: Economy

PM Wong warns of slower growth, fewer jobs and smaller wage hikes; new task force formed to support firms and workers Singapore’s Prime Minister Lawrence Wong has cautioned that the country faces significant economic headwinds as new US tariffs come into force on 9 April. While recession remains a possibility rather than a certainty, the...

As talks stall and tariffs bite, ministers explore public ownership to protect thousands of jobs and preserve UK’s steel capacity. The future of British Steel hangs in the balance as Prime Minister Keir Starmer and Chancellor Rachel Reeves consider taking the company into public ownership, reviving plans first floated in late 2024. The steelworks in...

The average rental rate hits RM2,052 in Q4 2024, marking a gradual recovery from the pandemic as the market stabilises. Malaysia’s rental market has experienced its strongest growth in five years, with average rents rising to RM2,052 (S$619.29) in the fourth quarter of 2024, according to real estate firm Nuwai IQI. This represents a 3.9%...

Foreign investment and infrastructure development are driving up costs, leaving residents struggling to buy homes. Property prices in Johor Bahru have surged dramatically, fuelled by foreign investments and the anticipated arrival of the Rapid Transit System (RTS) link to Singapore. This surge, particularly in areas near the RTS route, has raised alarms among local residents...

Premiums for Cat A COEs Surge While Other Categories Experience Mixed Results In the second bidding exercise for February 2025, premiums for Category A Certificates of Entitlement (COEs) experienced a notable increase, reversing the trend seen in previous rounds. The premium for Cat A COEs, which are used for cars with engines up to 1,600cc...

Support for Families, Education, and Climate Resilience Announced Singapore’s Budget 2025, presented by Prime Minister and Finance Minister Lawrence Wong, introduces comprehensive measures to support citizens amid rising living costs and global economic uncertainties. In his first Budget speech as head of government, PM Wong highlighted that the economy grew by 4.4%, with median worker...

More Government Support Contributes to Higher Household Incomes Amid Economic Challenges Singapore’s median household employment income rose to $11,297 in 2024, marking an increase in the nation’s earnings and a reduction in income inequality, according to the latest figures from the Singapore Department of Statistics (SingStat). The report, released on February 13, reveals that the...

Unprecedented Spending and Visitor Numbers Drive Growth, with Continued Expansion Expected into 2025 Singapore’s tourism sector is set to reach new records in 2024, with tourism receipts projected to range between S$27.5 billion and S$29 billion, the highest level ever anticipated by the Singapore Tourism Board (STB). By September 2024, the city had already seen...

While Investment Climate Remains Positive, Market Fluctuations and Uncertain Returns Present Risks The commercial property sector in Asia Pacific is expected to see stable growth in 2025, supported by a robust regional economy and a favourable interest rate environment. Despite varied performance across different markets and sectors, CBRE’s 2025 Asia Pacific Real Estate Market Outlook...

A Proposed Visa Initiative Could Attract Skilled Foreign Workers to Support Economic Growth in the JS-SEZ Maybank has emphasised that the introduction of an SEZ visa could significantly address the labour shortages plaguing businesses in the Johor-Singapore Special Economic Zone (JS-SEZ). In its latest report, “Johor-Singapore SEZ: Tracking the Progress,” the bank highlights the growing...