Manu writes regularly for The Edge Singapore where these blogs first appeared.
The world economy has not had it this good for well on a decade. Virtually every corner of the globe is enjoying growth except for countries suffering political or other crises. With the immediate threats to economic growth allayed, however, new risks are appearing.
The global economy continues to power ahead, helping elevate stock markets to new multi-year highs this week. Economic growth in the third quarter for both the United States and Europe was at the fastest pace in three years.
Singapore is enjoying a powerful economic rebound after a few lacklustre years. The export sector’s surge is translating into a more robust manufacturing sector while other activities that benefit from improving trade such as sea and air cargo, logistics and wholesale trade are all gaining momentum.
Asian economic growth is set to accelerate. After a long period of patchy and unconvincing recovery, there are signs that the global rebound is gaining enough traction to be a durable one. Better still, this upward lift is supporting higher export growth in Asia. More encouragingly, domestic engines of growth also seem to be regaining some vigour.
The International Monetary Fund (IMF) recently issued its Article IV report on Singapore, which is like a report card on the country’s economic performance.The overall assessment was a positive one: the economy is recovering, inflation is low, the external sector is robust and the banking sector is in the pink of health.