Tag: Economy

The International Monetary Fund has reached a preliminary agreement to provide Sri Lanka with $2.9 billion over four years. The package aims to help the country recover from its worst economic crisis, contingent on approval from IMF management and assurances from key creditors like China, India, and Japan.

Standard & Poor's has downgraded Russia's credit rating to "selective default" after Russia attempted to pay foreign bond payments in rubles instead of dollars. The agency believes sanctions will further impede Russia's ability to meet its international debt obligations, increasing the likelihood of a historic default on external loans.

The US Trade Representative has reinstated 352 product exclusions from China tariffs, covering a range of industrial and consumer items. The exclusions, originally imposed during the Trump administration, will be effective retroactively from October 2021 through December 2022.

Singapore's core inflation moderated to 2.2% in February, below expectations, but authorities warn of potential upside risks from geopolitical tensions and pandemic-related disruptions. The Monetary Authority of Singapore anticipates further inflation pressures in the near term.

A World Bank official highlights how persistent high oil prices triggered by the Ukraine conflict could reduce growth by a full percentage point for countries like China, Indonesia, South Africa, and Turkey, compounding existing economic challenges from the COVID-19 pandemic.

Moody's reports global Sukuk issuance expected to remain flat in 2023 after five years of growth. Malaysian and Indonesian markets show resilience, with 3% increase to $102 billion, while Gulf Cooperation Council region experiences reduced financing needs due to higher crude prices.

Malaysia is actively working to mitigate semiconductor order backlogs that emerged during the COVID-19 pandemic. Global supply chain issues, including lockdowns, factory incidents, and transportation challenges, have significantly impacted the semiconductor industry's production and delivery capabilities.

The start of 2021 was promising for the stock market, with commodity prices reaching new highs. Though the Delta variant initially impacted markets, foreign investors have recently injected nearly RM1bil into equities, helping the FBM KLCI recover approximately half of its previous losses and signaling a potential market turnaround.

Indonesia's economy showed significant improvement in Q2, growing 7.07% and breaking out of recession. The growth rate, the strongest in 17 years, surpassed analyst predictions. However, rising Covid-19 infections could potentially disrupt the ongoing economic recovery.

Singapore's economy grew by 1.3% in the first quarter of 2021, according to the Ministry of Trade and Industry. Despite the strong performance, the full-year GDP forecast remains unchanged. The government anticipates revising the forecast in August based on global and domestic economic conditions.