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The Monetary Authority of Singapore has eased its monetary policy amid a bleak economic outlook, projecting zero growth for 2025 after a disappointing 3.8% GDP increase in Q1. The Ministry of Trade and Industry has revised its GDP forecast down to 0%-2%, citing weakened global demand impacting key sectors like manufacturing and financial services, which together account for 31% of GDP. This policy adjustment reflects concerns over external pressures, including US tariffs and ongoing trade tensions with China.
Love Bonito reported a 37% revenue growth in 2023 and aims for over US$75 million in revenue and EBITDA profitability by 2025, despite workforce cuts. Meanwhile, EngineAI, a Shenzhen robotics startup, raised nearly US$28 million to enhance R&D and expand internationally. In response to US tariffs, Indonesia plans to reduce the effective tariff burden on businesses, while Singapore's Prime Minister warns of economic repercussions from a 10% universal tariff.
Singapore's job market is witnessing a significant demand for AI roles, with postings for machine learning engineers and sales managers surging by 83% and 127%, respectively. Despite this, many workers are gravitating towards service-oriented positions like pet-sitting and chauffeuring, reflecting a divide in job preferences. The government's $743 million investment in AI underscores the push for innovation and infrastructure development in the region.
Singapore Prime Minister Lawrence Wong expressed concerns over rising trade friction as the world anticipates Donald Trump's potential return to the US presidency, which may bring new tariffs on foreign goods. While emphasizing strong ties with Washington, Wong highlighted the importance of strengthening trade relationships with other nations.
China is grappling with a complex situation in Myanmar following an attack on its consulate, which has heightened fears of chaos in the region. The Chinese government has expressed serious concerns and demanded an investigation, as it navigates its support for the military junta while managing relationships with armed ethnic groups. Recent military setbacks for the junta raise questions about its stability, prompting China to exert pressure on rebel forces to maintain order and prevent a disorderly collapse of power.
Lawrence Wong
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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