Singapore’s top trade official said the city-state is willing to facilitate a dialogue between the US and China to repair their relationship, as he described growing tensions between the world’s biggest economies as detrimental to the world. Know more:
Singapore’s top trade official said the city-state is willing to facilitate a dialogue between the US and China to repair their relationship, as he described growing tensions between the world’s biggest economies as detrimental to the world.
“All of us are concerned and watching this development very closely,” Gan said, referring to the export controls. “Singapore’s interests and interests of the rest of the world are for the US and China to have a stable relationship as well as a constructive one,” he added. While the pace of Singapore’s economic expansion is expected to moderate to a sluggish 0.5 percent-2.5 percent this year, it’s confident of avoiding a recession amid a boost from China’s reopening.
Closer to home, Gan commented on a critical issue facing multinational businesses as well as expatriates and local residents in Singapore: still-soaring rental costs. He noted that broad-based elevated inflation “is going to stay for some time,” and officials were encouraging firms to focus on boosting productivity and revising their business models with an eye also toward cost savings and reducing waste.
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