Call for increased South Korean Defense spending amid U.S. negotiations
The backdrop for this discussion includes rising tensions in East Asia, particularly due to North Korea's ongoing missile tests and military provocations.
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Singapore’s 2024 GDP growth expected at upper end of 2%-3% range
Chia highlighted that recent economic indicators have shown growth trending towards the upper end of this range, and he expects the final figure for the year to fall squarely within it. His comments followed a report from private-sector economists, who recently revised their GDP growth forecast for 2024 up to 2.6%, an increase from the previous 2.4% projection made in an MAS survey in June.
IDX composite gains 0.57%, ends week on positive note
The banking sector, a key pillar of Indonesia’s economy, saw notable gains, driven by strong earnings reports and expectations of continued growth in credit demand.
Financial stability takes priority as South Korea faces rising household debt and slowing inflation
Household debt in South Korea has surged to over 100% of the country's GDP, one of the highest levels among advanced economies.
Taiwan Cabinet approves NT$647 billion defense budget for 2025
Taiwan’s Cabinet approved a defense budget of NT$647 billion (US$20.24 billion) for the fiscal year 2025, representing 2.45 percent of the country’s GDP.
Indonesian auto financing declines 15% in July amid slump in new car sales
The decrease in auto financing reflects broader economic trends impacting consumer confidence and spending. As new car sales falter, financing activities—which are often a key indicator of consumer sentiment and economic health—also show signs of distress. This trend suggests a tightening of household budgets and potentially decreased consumer willingness or ability to make large purchases, such as new vehicles.
Japan projects primary budget surplus for FY 2025 amid economic recovery efforts
The forecast, presented at a meeting of Prime Minister Fumio Kishida’s Council on Economic and Fiscal Policy, reflects an anticipated rise in tax revenue driven by robust corporate earnings, coupled with a moderation in expenditure growth following extensive stimulus spending in recent years. The central government’s estimate underscores its commitment to fiscal responsibility and economic reform.
3 contracts signed for salt extraction in Northern Faryab Province, Afghanistan
The extraction and processing projects are expected to create jobs locally and generate revenue streams that could support infrastructure development and public services in the region.
Taiwan Institute of Economic Research predicts 3.85% GDP growth for 2024
According to the report, the business climate test score for the manufacturing industry in June stood at 98.45 points, marking a decrease of 2.15 points from the previous month.
China’s electricity consumption surges in June, reflecting robust economic activity
China's electricity consumption, a critical indicator of economic activity, surged in June, showcasing the nation's ongoing economic recovery and growth. According to official data released on Friday by the National Energy Administration (NEA).
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