Heart of the Matter: Tight regulation makes a bank run unlikely in Singapore, experts say (March 25, 2023, Channel News Asia)
This time last year, few would have heard of Silicon Valley Bank. But the recent collapse of the US bank has raised the spectre of the Lehman Brothers meltdown, sparking fears of a banking crisis.
Traveling to Asia for work? This city is its most expensive business destination (March 21, 2023, CNBC)
Hong Kong has been named the most expensive location in Asia for business travelers — for the second year in a row, according to a new report.
Southeast Asia’s Post-Pandemic Tourism Revival (March 21, 2023, The Diplomat)
Regional tourism is finally rebounding from the impacts of COVID-19. Will Southeast Asian government do things differently this time around?
Will Asia’s start-ups feel the heat of Silicon Valley Bank collapse? (March 17, 2023, South China
Moring Post)The failure of the US tech sector’s bank of choice has sparked contagion fears and sent a crisis of confidence rippling through the global economy. Interest rate uncertainty and credit crunch fears have put many Asian business owners on edge, adding to liquidity woes amid the end of easy money
Asia’s economic outlook ‘relatively strong’ despite subdued global growth: OECD chief (March 17, 2023, Channel News Asia)
Asia’s economic outlook for the year is expected to be “relatively strong”, as the region benefits from China’s reopening, despite a muted global growth forecast and amid troubles brewing in the banking sector, OECD chief Mathias Cormann said on Thursday (Mar 16).“Our outlook for Asia is relatively strong growth and strong recovery, subject to a level of downside risks,” said the secretary-general of the Organisation for Economic Cooperation and Development’s (OECD).
Cambodia’s ministries set to offer financial support to suspended workers (March 7, 2023, The Phnom Penh Post, via Asia News Network)
Prime Minister Hun Sen has advised two ministries to provide financial support, starting from April, to workers in the textile-related sectors who were suspended from work or whose factories were shut down. He also allowed relevant ministries to increase cash for pregnant women and child under 2 for them to receive adequate nutrition. Hun Sen gave the instruction while presiding over a graduation ceremony for 1,728 students from the Institute of New Khmer Generation, held in Phnom Penh on March 6.
Severe dollar crisis hobbles Bangladesh businesses (February 23, 2023, Al Jazeera)
The South Asian nation has been facing severe economic hardship since Russia’s invasion of Ukraine a year ago. In its import-dependent economy, rising global fuel oil and other commodity prices have caused nearly double-digit inflation and depleted foreign reserves.
Why is India rolling back COVID-19 food aid? (February 20, 2023, East Asia Forum)
The recent move reflects a fine balancing act by the government, which is caught between addressing the interests of the ‘poorest of the poor’ and those of marginalised individuals who need to purchase food in the open market.
China's economy shows gradual recovery after COVID reopening (March 15, 2023, Reuters)
China's abandonment of COVID-19 controls late in 2022 has reinvigorated an $18 trillion economy that has suffered one of its lowest growth rates in nearly half a century, with analysts expecting momentum to improve further in coming months.
Growth in China’s Labor Force Slowed Since 2018, Says New Survey (February 28, 2023, Sixth Tone)
Data from a new survey has revealed that the working population in China grew by just 2.8% over the last five years — a significant contraction from a growth rate of 11.8% recorded in 2018. And with China expected to see the biggest ever wave of retirements over the next ten years, concerns over the country’s aging population and its implications on the labor market continue to grow.