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Global economy to grow by 3.6 pct in 2015: Bank of Singapore

Xinhua, June 4, 2015 Adjust font size:

Bank of Singapore expects the global economy to grow by 3.6 percent in 2015, reported Channel NewsAsia on Thursday.

It said Association of Southeast Asian Nations (ASEAN) economies are benefiting from investment flows being diverted away from China, as well as domestic economic reforms and stronger demand in their home markets. While Singapore's inflation rate has remained low this year, Bank of Singapore also said labor productivity must also improve.

Bank of Singapore's Chief Economist Richard Jerram expressed his surprise at the low inflation. He said Singapore has very tight labor markets, and "not particularly good productivity growth," so there is expectation that the factor could be translated into higher labor cost for companies and some of that being passed on through inflation.

However, there is no evidence that is happening, and in fact quite the opposite. As inflation has been undershooting, Richard Jerram thought there's going to be concern maybe not in the short- term but over the next one or two years. Endi