game blockchain kiếm tiền(www.84vng.com):For Singapore, a global slowdown is another world

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One step ahead: People sit on benches during lunch time opposite the Parliament building in Singapore. The city-state’s reopening in the wake of Covid, in particular, has given it an advantage over its competitors. — AFP

FOR a tiny place so intimately tied to the ebbs and flows of finance, it’s hard to see signs in Singapore of an approaching world recession.

The city-state is again sucking in foreign labour, driving the jobless rate to microscopic levels. The country’s airline is racking up profits, and the increase in housing rents is staggering. The global slowdown often feels like it’s happening on another planet.

The question might not be so much whether Singapore’s economy has become a bubble, a loaded term that implies a painful collapse awaits, but how long the nation can continue to defy gravity.

Officials have warned that big shifts worldwide pose enormous challenges – the end of a decades-long era of low inflation and interest rates, a desire to rein in supply chains and intensified rivalry between China and the United States.

This is, in theory, dire stuff for a republic that grew rich during the heyday of globalisation and capital market expansion.

When and how this catches up with Singapore depends a lot on Covid and its legacies. Singapore’s reopening, in particular, has given it an advantage over its competitors.

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After a couple false dawns, the city-state has dispensed with almost all restrictions.

Mandatory masking indoors ended in August. Barely a week goes by without Singapore hosting at least one big international conference. Hong Kong still wrestles with testing rules for travellers.

The territory’s hidebound approach, coupled with the national security law imposed by Beijing, has prompted an exodus. It’s hard to go to any kind of social or business event in Singapore and not encounter some who have fled.

Japan is just opening to visitors; arriving in Tokyo for a business trip last week felt like landing at Singapore’s Changi Airport, in December.

Lines of officials waited to check vaccine certificates and apps before you got to Narita’s immigration counters, very few of which were staffed. Masks are still commonly worn indoors. (Japan had a tradition of wearing face coverings well before the pandemic.)

Singapore is making the most of its head start. Gross domestic product (GDP) picked up significantly last quarter, the overall unemployment rate has declined to 2%, and inflation is the highest in 14 years.

The central bank has tightened policy five times in little more than a year and coupled its measures to combat price surges with rumblings about the deteriorating global picture. “In the quarters ahead, the drag on economic activity from the globally synchronised tightening in monetary policy will intensify,” the Monetary Authority of Singapore cautioned last month.

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