économie

The Singapore Ministry of Trade and Industry (MTI) published yesterday it's growth previsions for the country in 2012. With an estimate between 1% and 3%, Growth is showing an impressive slow down compared to previous years: 14,5% last year (2010), and a prevision of 5% this year

The figure that was released is the worst since the 2008-2009 crisis (-0,8% in 2009). It could yet be revised if the global economic context continued to degrade, with the debt in the Euro zone, or in case of a global financial crisis.

Such a weak growth perspective should have a negative impact on the job market and lead to pressure to lower salaries. A situation that leads to no enthusiasm on the front of international mobility and concerning the opportunities for job seekers and potential new entrepreneurs.

Jacques Attali was the guest of ASEF in Singapore on January 13th, where he was invited to share his perception of the world situation and his vision for the future. Is the world still in crisis? For the french writter, former Président François Miterrand advisor, founder of the BERD, co-founder and President, amongst other initiatives, of plaNet finance, the answer is yes. We are in permanent situation of crisis, with the persistance of structural inbalances, and the inability for leaders to manage it because of a lack of long term vision and failure to promote political integration. 

Jacques Attali had been invited by ASEF, Asia Europe Foundation, an institution created in 1997 to promote mutual understanding between Europe and Asia throughout intellectual, cultural and artistic exchange programs. Alternately using traits of humor and penetrating thoughts, he went through the challenging exercize of enlightening our understanding of the world situation, the current risks and what is at stakes for the future.

Malaysia unveiled an ambitious investment plan to develop it's infrastructure and become a first rank economic actor in 2020. The plan has been estimated to US$ 440 billion by the Think tank set by the Government. The total investment should be principally born by the private sector; a perspective that leave some analysts skepticals about the actual implementation of the plan.

Despite recent warnings, the chinese economy confirmed it's trade growth with a once again impressive figure in June. Imports show a sharp growth curb, sending a rare optimistic message for the world economy, but exports remain also -very - high. 

MALAYSIA - The Prime Minister of Malaysia, Najib Razak, has eventually unveiled details of his New Economic Model for Malaysia. In a recent business conference, he announced his country's ambition to join the group of developped nations within 10 years, planning to more than double the $7000 per capita income of today through sustained growth, attracting foreign investments and boosting productivity.

Thanks to a last quarter in 2009 which was better than expected, with a 1,1% growth of its gross interior product, Japan remains the number 2 world Economy in 2009.

But 2009 was a very difficult year for Japan. It's economy contracted by 5% in 2009, the worst results since 1955, and it's growth in 2010, according to gevernmental sources, should not exceed 1,4%.

In these conditions, Japan could well cede it's 2nd rank to China as soon as in 2010 : it's total GDP in 2009 was 3.871 billions €, compared with china's 3.594 billions €.

Established in May 2009, the Economic Strategies commitee (ESC) submitted on the 1rst of February its key recommendations to ensure sustainable growth and maximize Singapore's ability to benefit from current opportunities in the Region.

The aim of the exercise was to look beyond the coming decade, and to work with no delay on how to adress the opportunities and challenges that will condition Singapore's continuous success and comfort it's central role in the Region.