“A resumption of construction work for the East Coast Rail Link, Light Rail Transit 3 and other mega projects should pull productivity growth back up, starting from the third quarter this year,’’ said Pong Teng Siew, head of research, Inter-Pacific Securities.
The increasing pace of US rate hikes and fears of a global slowdown are fuelling growing concerns over the next financial crisis.
This time, the trajectory suggests a crisis similar to the emerging market (EM) crisis of 1997/98, which centered on Asian EMs. Debt-fuelled economies are most at risk, especially those with high corporate debt denominated in US dollars while rising household debt can be another stranglehold. Global debt has hit US$240bil, an increase of 43% from 10 years ago.
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