Singapore's economy contracted in the first quarter, increasing the risk of a recession as external demand weakens and China struggles for a post-COVID lift-off. Despite GDP rising 0.4% on a year-on-year basis, the economy shrank 0.4% on a quarter-on-quarter, seasonally-adjusted basis, leaving the city state at risk of a technical recession in the current quarter. The trade ministry does not expect a technical recession this year but acknowledges that the external demand outlook for the rest of the year has weakened. The central bank is keeping a watching brief on both growth and inflation trends, but is maintaining its current monetary policy.
Welcome Back
Click “Sign in” to agree to Cointime’s Terms of Service and acknowledge that Cointime’s Privacy Policy applies to you.
Join CoinTime
Already have an account?
Click “page.Sign up” to agree to Cointime’s <a class="underline" href="#term-of-service">Terms of Service</a> and acknowledge that Cointime’s a class="underline" href="#privacy-policy">Privacy Policy</a> applies to you.
Sign in with email
Sign up with email
Your email
Check your inbox
Click the link we sent to to sign in.
Click the link we sent to to sign up.
Singapore's Economy Contracts in Q1, Raising Risk of Recession
-
Wechat scan to share
Recommended for you
-
Meme coin market value falls below $49 billion, down 14% on the day
The market value of Meme coins has fallen below $49 billion, currently at $48.9 billion, with a daily decline of 14%. Among them: -
Cryptocurrency fund outflows last week at highest level since March
According to Decenter's report, about $600 million flowed out of virtual asset funds last week, marking the highest weekly outflow since March.Experts analyzed that institutional investors lack interest in virtual assets, leading to the outflow of funds. -
A whale has deposited 250,000 LINK to Kraken in 5 days
The Data Nerd has monitored that 2 hours ago, Whale 0x3c9 deposited 50,000 LINK (about $682,000) into Kraken, and within 5 days, he deposited a total of 250,000 LINK (about $3.72 million) into Kraken. This whale owns 31,793 ETH, 138 WBTC, and 70,000 LINK in Spark and AAVE. -
Yesterday, Tether issued $2.7 million USDT and redeemed $11 million USDT
According to ChainArgos monitoring, Tether issued a total of $2.7 million USDT and redeemed $11 million USDT on June 17th. -
The total market value of cryptocurrencies has fallen to $2.441 trillion, a daily drop of 4.5%
Data shows the total market value of cryptocurrencies has fallen to $2.441 trillion, with a daily decline of 4.5% and a 24-hour trading volume of $103.0088 billion. Currently, BTC has a market share of 52.3%, and ETH has a market share of 16.7%. -
In the past 24 hours, the entire network has liquidated 488 million US dollars
According to Coinglass data shows that in the past 24 hours, the cryptocurrency market has experienced a total of $488 million in liquidations, with $435 million in long positions and $52.939 million in short positions. -
Justin Sun deposited 8 assets worth $14.3 million into Binance 15 hours ago
According to Spot On Chain monitoring, 15 hours ago, Sun Yuchen deposited 8 assets worth $14.3 million into Binance, including: -
In the past 24 hours, the entire network has liquidated 488 million US dollars
According to Coinglass data shows that in the past 24 hours, the entire cryptocurrency market has experienced a total of $488 million in liquidation, of which long positions accounted for $435 million and short positions accounted for $52.939 million. -
MAS: Singapore is working on global first-tier fund tokenization regulation
Chia Der Jiun, Managing Director of the Monetary Authority of Singapore, introduced some fund tokenization pilots at an event for asset managers. These pilots are part of the Project Guardian and MAS Global Layer 1 (GL1) tokenization plans. Chia Der Jiun emphasized the advantages of tokenization in real-time settlement and process automation, which can improve efficiency and achieve greater customization of funds. UK asset management company Schroders and fund distribution platform Calastone are exploring this as part of the Project Guardian public blockchain trial in Singapore. A recent survey by Calastone showed that 96% of asset management companies in the Asia-Pacific region plan to launch tokenized products within three years. Chia stated that as these Project Guardian pilot projects approach commercialization, MAS is working with the pilot project managers to study the legal and regulatory treatment and impact of tokenized investment funds." -
Singapore issued a budget statement for fiscal year 2024, planning to allocate S$2 billion to strengthen the digital economy
Singapore's Deputy Prime Minister and Finance Minister Heng Swee Keat presented the country's budget statement for the fiscal year 2024 in February. The budget proposes an allocation of 2 billion Singapore dollars to strengthen its digital economy, marking Singapore's strong push for financial innovation and integration of digital assets, sending a clear signal of incorporating digital assets into its economic framework.
Daily Must-Read
-
OpenAI reportedly considering shift to for-profit as CEO stacks board
-
What are validiums, and how do they work?
-
Why is Bitcoin price down today?
-
Friend.tech's plan to develop own blockchain leaves users confused
-
Binance reaches 200M users with $100B in assets under custody
-
OpenAI launches official ChatGPT support for universities and nonprofits
All Comments