Economy

SINGAPORE: Prime Minister Lee Hsien Loong said on Saturday that Singapore must do more to diversify its food sources since countries across the world are likely to continue prioritizing local supply in the face of rising prices (Jun 25). After attending the Commonwealth Heads of Government Meeting in Kigali, where he advised countries not to turn protectionist in the face …

MALAYSIA: There will not be a float in chicken prices in Malaysia starting on July 1, the country’s administration has decided. According to Prime Minister Ismail Sabri Yaakob, the Agriculture and Food Industries Ministry (MAFI) will soon declare a new price ceiling (Jun 24). According to the Prime Minister, the government’s move shows its care for Malaysian families, who face …

COLOMBO: Officials said Thursday (Jun 23) that parliament in Sri Lanka had canceled the remainder of its week’s sessions to preserve fuel, as the island nation’s already low supply of gasoline is fast decreasing due to a severe economic crisis. People living in Sri Lanka’s 22 million-plus population are suffering because of the country’s severe shortage of foreign cash as …

COLOMBO: Thursday (June 23), India’s top diplomat met with Sri Lanka’s president and prime minister to express India’s preparedness to give more financial assistance to its cash-strapped neighbor beyond the $4 billion in loans, swaps, and help previously granted. In the greatest economic crisis in seven decades, Sri Lanka is unable to import basics like food, gasoline, and medication because …

KUALA LUMPUR: According to official statistics released on Friday, Malaysia’s CPI (consumer price index) grew by 2.8 percent year-over-year in May. Reuters polled 17 economists and found that the increase was more than 2.6 percent. The index had increased by 2.3% in April.

US: US central bank head Jerome Powell said on Wednesday that the Federal Reserve is deeply committed to lowering inflation, which is now running at a 40-year high, and that policymakers are moving “expeditiously” to do so (Jun 21). If we are to have a sustained period of durable labor market conditions, Powell told the US Senate Banking Committee, “we …

COLOMBO: As the island nation struggled through its worst economic downturn in seven decades, Sri Lanka’s overall inflation increased in May to the highest level since 2015 as a result of rising food and transportation expenses. The statistics office said on Tuesday that the consumer price index increased to 45.3% in May from the year earlier, up from 33.8% in …

BEIJING: After purchasing face masks and ventilators from China in prior months, North Korea unexpectedly ceased importing COVID-19 prevention and control products in May, according to trade statistics supplied by Beijing. Since the isolated government initially announced it was combating a COVID-19 outbreak in mid-May, daily new cases of fever in North Korea have been falling, according to its state …

SEOUL: On Tuesday, South Korea’s central bank said it expected inflation to be higher than previously forecasted, and that it will examine debt repayment difficulties closely to determine whether a half-percentage-point interest rate hike in July is reasonable. The Bank of Korea, which recently raised its 2022 annual average inflation projection to 4.5 percent from 4.7 percent, said it did …

MANILA: Considering the challenges that the global economy is facing, the Philippine central bank said that it expects the country’s current account deficits to be larger in 2022 and 2023 than they originally had predicted. The Bangko Sentral ng Pilipinas (BSP) revised its balance of payments (BOP) projections and had estimated a current account deficit of over 19.1 billion dollars …