欢迎进入欧博网址(Allbet Gaming),欧博网址www.ALLbetgame.us开放会员注册、代理开户、电脑客户端下载、苹果安卓下载等业务。

首页社会正文

以太坊开奖:Singapore’s economy ‘not at risk’ of overheating

admin2022-07-1821

皇冠体育官网www.hg108.vip)是一个开放皇冠正网即时比分、皇冠官方的平台。皇冠体育官网(www.hg108.vip)提供最新皇冠登录,皇冠体育官网包含新皇冠体育代理、会员APP,提供皇冠官网代理开户、皇冠官网会员开户业务。

SINGAPORE: The pain from surging inflation can turn something as desirable as economic growth or its potential into a subject of controversy.

So when policymakers refer to the fact that Singapore’s economy is operating “slightly” above its potential, conclusions are drawn that the economy is probably overheating – that is, growing at an unsustainable rate, which will trigger runaway inflation.

Yes, gross domestic product (GDP) has been growing at an above-trend pace since emerging from the 2020 recession and inflation has been running at its highest levels in more than a decade in recent months.

But the reality is a bit more nuanced. Historical data suggests that neither the GDP growth rate nor inflation is anywhere near levels that would risk the economy overheating.

Selena Ling, chief economist at Oversea-Chinese Banking Corp, said: “Inflation is rising but growth is slowing. That means stagflation is a more plausible risk than overheating.”

But stagflation usually involves not just persistently high inflation and low growth but also high unemployment and stagnant demand, which is not the case right now, she added.

DBS Bank senior economist Irvin Seah said: “Inflation is a problem, yes. But are we overheating? My answer is no.”

,

以太坊开奖www.326681.com)采用以太坊区块链高度哈希值作为统计数据,以太坊开奖(联博统计)数据开源、公平、无任何作弊可能性。联博统计免费提供API接口,支持多语言接入

,

Potential GDP is an estimate of the value of output the economy would produce with efficient utilisation of available capital and labour resources. At potential, the economy is supposed to generate steady growth and stable inflation.

Estimates of potential GDP move in tandem with changes in new investment flows and the size of the labour force, which suffered as a large number of foreign workers left amid the Covid-19-induced economic downturn.

So potential GDP could have been compressed from estimates before the pandemic as sectors such as services, travel and construction had pared their operations due to the Covid-19 curbs.

According to the Monetary Authority of Singapore (MAS), the output gap – the difference between actual output and potential output – closed some time in late 2021 when curbs on gatherings, dining out, travel and construction were still effective.

That proves that it was only the export-driven sector such as manufacturing and wholesale that helped push output to potential.

Seah said: “If there is overheating, it is only in some parts of the economy, like manufacturing. The service sector has only just started to grow.”

The MAS still did not take any chances and since October last year has tightened monetary policy three times, pushing the trade-weighted Singapore dollar up to absorb part of import prices – the primary source of inflation here.

With most of the pandemic restrictions relaxed in the second quarter, it should come as no surprise that “the economy is operating at slightly above potential”, as stated by Finance Minister Lawrence Wong on July 4.

网友评论

热门标签