HANOI, Sept 16 (Vietnam News/ANN): The country’s GDP this year is expected to reach 3.5 per cent to 4 per cent if the Covid-19 pandemic is controlled in September and a 'new normal' achieved from the fourth quarter, said Minister of Planning and Investment Nguyen Chí Dung. Vietnam’s exports this year would increase by 10 per cent while State budget revenue will exceed the estimate. The growth will be low but quite impressive in the current global context. “This forecast is lower than the set target of 6.5 per cent this year, but achieving this level needs a huge effort, requiring more drastic actions of both the political system and localities,” Dung said. If GDP reaches the level, this will be the second year that Vietnam's GDP has not completed its growth plan. In 2020, GDP grew by 2.92 per cent due to the impact of the Covid-19 pandemic. This would affect the implementation of the overall goal of the five-year plan in the 2021-25 period. He said that social distancing has ... » Learn More about Vietnam’s GDP to reach a solid 3.5 to 4 per cent this year despite Covid-19 issues
Why does government spending increase gdp
KUALA LUMPUR: Malaysia's cabinet has proposed raising the government's statutory debt ceiling to 65% of gross domestic product, as part of measures to deal with the economic fallout of the COVID-19 pandemic, the finance minister said on Tuesday. This is the second time in as many years that the government has sought to raise its debt ceiling. In 2020, it was raised to 60%, the first increase since July, 2009. The cabinet has also proposed boosting the size of the government's COVID-19 fund to 110 billion ringgit ($26.53 billion) from 65 billion ringgit ($15.67 billion), minister Tengku Zafrul Aziz said in a statement. The two proposals will be tabled to parliament in October for approval and are aimed at strengthening the public health system, improving social aid measures, and providing support to businesses, he said. The finance ministry has also directed banks to look into waiving interest payments for low-income borrowers that have received moratoriums on their loans, ... » Learn More about Malaysia plans to lift government debt ceiling to 65% of GDP
As a diplomat whose career spanned decades, retired Thai ambassador Russ Jalichandra knows all about the need for subtlety and nuance when it comes to making statements about other nations’ affairs. And during that long career he can recall no other statement from China quite as forthright or confrontational towards the Thai people as the one its embassy issued on September 3. The statement said people and organisations in Thailand had “devalued and smeared the Chinese [coronavirus] vaccine for no reason”, accusing them of a “malicious slander without respect to [science]” and of “an act that destroys China’s good will in its support of the Thai people in their fight against the pandemic”. “Every dose of the Chinese vaccine [represents] sincere good will from the Chinese government and people towards the government and the people of Thailand,” read the statement, posted on the embassy’s Facebook page. To a diplomat like Russ, such language seemed unlikely to win many friends or ... » Learn More about How China’s Sinovac vaccine got caught in the crossfire of Thailand’s anti-government protests
National – The Thai Cabinet Committee today, September 14th, has approved multiple tourism campaigns to attract foreigners upon Thailand’s reopening, including granting visas for 10 years, expecting to increase the country’s income by 1 trillion baht per year, according to them. Government spokesperson Thanakorn Wangboonkongchana told reporters after the cabinet meeting this afternoon that the committee has agreed, in principle, economic and investment stimulus campaigns in Thailand by initially attracting four target groups of high-potential foreigners for a long-term stay. The groups include 1.) foreigners from countries with high prosperity rates, 2.) foreign retirees, 3.) businesspeople who want to work in Thailand, and 4.) special-skilled people. The campaign consists of two main measures: Long-term resident visa issuance for a group of high-potential foreigners: They will receive various exemptions and benefits, such as an exemption for long-term resident visas ... » Learn More about Thai Cabinet Committee approves multiple campaigns to hopefully attract high-spending foreigners upon country reopening
Bangkok – At least two prominent doctors in Thailand who also advise the Center for Covid-19 Situation Administration, or CCSA, are calling foul at Thailand’s plan to reopen the country in October for foreign vaccinated tourists, warning that it is too risky and too early to do so in their opinions. Dr. Thira Woratanarat, an associate professor at the Faculty of Medicine of Chulalongkorn University, urged the Thai government to delay the country’s reopening project as it might worsen the domestic infection rates. The doctor stated online today, September 16th, that opening the country in various provinces under the government plan, including Sandbox and 7+7 extensions, will pose a risk of heavy outbreaks due to two risk factors, according to his academic research. First, people traveling from abroad may be carrying the virus into the area despite the fact that rules, health screenings, and 14-day quarantine may reduce the risk to some extent. However, even fully vaccinated ... » Learn More about Prominent Thai doctors urges government to delay country reopening for foreign tourists
A mother was shocked to discover that her 11-year-old son had not only stolen $4,000 of her hard-earned cash within three months, but he had also spent it all on mobile games and treating his friends to a lavish meal. The 43-year-old woman named Linda told Shin Min Daily News that she found it odd when she realised that her younger son had not been asking for his allowance for some time. With her suspicions aroused, she checked his wallet on Sept 12 and was shocked to discover $58 inside. Under "intense interrogation", the boy finally confessed that he had taken the money from her wallet. He told her that he splurged the money on his friends as well as to buy online gift cards to top up his mobile gaming credits. After finding out the truth from her son, Linda was in disbelief as her son does not even have his own mobile phone. However, he is allowed to use his cousin's phone for up to two hours each day after he is done with his homework. Linda, who owns a hair salon, said ... » Learn More about 11-year-old gaming addict steals $4,000 from mum in 3 months, spends it all on online gift cards and treating friends
The United States is holding its presidential election on Nov. 3, which is less than a week away. While it is a momentous event for many Americans, of whom a good number have already voted for their choice of president through early voting and mail-in ballots, the impact of the election in a country that is quite geographically removed from Singapore might not be immediately apparent to Singaporeans. But U.S. political watchers would beg to differ. U.S. political expert Adrian Ang at Singapore-based S. Rajaratnam School of International Studies tells Mothership that the election does have an impact on Singapore and the region of Southeast Asia. 1. U.S. is an important trading partner to Singapore To Singapore, the U.S. is a valuable trading partner. The U.S. is Singapore’s fifth largest export and import partner with bilateral trade worth nearly US$32 billion (S$43 billion) annually, Ang said. The U.S. is also the biggest source of foreign direct investment for ... » Learn More about Does the US election matter to S’pore? Why should we care?
In the 19th century, the phrase “ The Great Game ” was used to describe competition for power and influence in Afghanistan, and neighboring central and south Asia territories, between the British and Russian empires. Neither side prevailed in what became known as the “ graveyard of empires .” Two centuries later, an American superpower has been reminded of a similar reality . The Afghanistan debacle, in which a 300,000-strong US-trained and equipped Afghan army collapsed in hours serves as a reminder of the limits of American power in the wider Middle East. US President Joe Biden may be enduring the sharpest criticism for a disastrously executed withdrawal. But there is plenty of blame to go around, dating back to the original ill-fated decision to “ nation build ” a country that has resisted outside interference for thousands of years. After the fall of Kabul and the hasty US withdrawal from a country on which it had squandered $1 ... » Learn More about As Afghanistan falls, what does it mean for the Middle East?
IN all the talk surrounding growing the country’s green energy aspirations, one important part of the story has remained relatively quiet. National energy giant Tenaga Nasional Bhd (TNB) today operates power plants that supply just over half of the country’s electricity needs and the bulk of those plants are running on coal. So without TNB, green energy will move at a snail’s pace. The good news, though, is that TNB has now laid bare its ambitious plan to overhaul its energy mix and go full steam into renewable energy (RE). The plan was revealed last week, being referred to as a “sustainable pathway” for TNB and also one that future-proofs the company. The plan spans more than 30 years with an end goal of achieving net-zero emissions by 2050. One notable step toward that journey is that TNB will no longer build any new coal-powered power plants. The Jimah East Power, a coal-fired 1,000MW plant commissioned in 2019, will be the last such power plant by TNB. For its ... » Learn More about TNB’s ambitious green energy plans
EUROPEAN Union (EU) finance ministers will begin discussing today how to change their budget rules to deal with a huge rise in government debt during the coronavirus pandemic and how to encourage spending needed to arrest climate change. Potential options include exempting “green” investments from calculations of deficit and debt limits and temporarily forgetting existing rules that say debt must be cut every year, documents prepared for the ministers’ talks showed. “The challenge in coming years will be to consolidate deficits while increasing green investments to achieve the ambitious targets of the EU to cut emissions or any other investments,” a note prepared by host Slovenia said. Slovenia currently holds the EU’s rotating six-month presidency and will chair the talks. An analysis commissioned by the ministers from the Bruegel think-tank showed additional public investment to meet the EU’s climate goals will have to be 0.5%-1.0% of gross domestic product (GDP) annually ... » Learn More about EU to mull changes to budget rules – debt, green investment in focus