The famous night market in Vientiane, also known as Hengboun Food and Culture Street, has been closed by order of the Department of Industry and Commerce of Vientiane Capital. The closure is in preparation for the upcoming 2024 ASEAN Summit where Laos will serve as the ASEAN Chair.
S P Jain’s Data Science graduates sought after as they receive job offers from Australia, India and Vietnam
The School reported that the Class of 2022 has produced success stories, with graduates securing jobs at starting salaries ranging from AUD 78,000 to AUD 120,000 in Australia. A handful of students received offers from companies based in Vietnam while several others were accepted for higher studies at reputed universities in the US, Canada, UK, France and Australia.
Graduates of this latest class received offers from various organisations, including Fortune 500 companies, technology start-ups and government agencies. Some notable companies that have hired these graduates include Macquarie Group (Australia), EdgeRed Analytics Pty Ltd (Australia), Integrity Solutions (Australia), NSW Government -Grad Program (Australia), Amazon (India), Wolters Kluwer (India), Viettel Big Data Analytics Center (Vietnam), OCB Bank (Vietnam), Savills (Vietnam), and ITR (Vietnam). The rigorous program curriculum and a strong emphasis on skill development resulted in 100% employment rate within 6 months of graduation. Several of these full-time offers were result of successful Internships in the companies.
“The Bachelor of Data Science program at SP Jain is designed to equip students with a comprehensive understanding of data analysis and the skills necessary to tackle complex business problems by effectively leveraging both quantitative and qualitative data. We are thrilled to see the success of our graduates and their impressive job offers from leading companies in the technology and e-commerce sectors. The curriculum at SP Jain is designed to keep pace with the fast-evolving digital landscape, and the participation of industry professionals from the technology sector demonstrates our commitment to providing a cutting-edge education. The high starting salaries our graduates have secured are a testament to the efficacy of our programme, and showcase the core skills and aptitudes that employers demand and appreciate,” shared Dr Abhijit Dasgupta, Director of BDS program at SP Jain.
One of the significant highlights of this program is that it offers students a variety of opportunities to gain real work experience with top companies and universities even before they graduate. Students of the program have previously interned at Adaptive Investments (US), the University of Massachusetts at Boston (under the guidance of renowned professor Dr Lawrence Pohlman), AI Australia (Sydney), VP Bank (Vietnam), Johnson & Johnson (Sydney), Instagram, Facebook, ISI, NITIE, Edify Accelerator, IIT Kharagpur, IIT Bombay and other top US and European universities.
“I did an internship with The University of Massachusetts and another one with HDFC ERGO, where I was a Data Science intern. One thing that SP Jain has always focused on, right from the beginning, is looking at real-world business problems and solving them, even in class. So, when I started my internship, I found it very easy to understand their workflow model and acclimatise because the kind of business problems I was solving at work were on the same lines as the ones I was solving in class,” shared Vedant Kabra from the Class of 2022. On completing the BDS program last year, Vedant landed a role with the Macquarie Group in Sydney, Australia.
The BDS is a three-year multi-city program accredited by the Australian government’s Tertiary Education Quality & Standards Agency (TEQSA). Students can opt to study in Mumbai (Year 1) and Sydney (Years 2 and 3) or complete all three years of the program in Sydney. Upon graduation, students may live and work in Australia by applying for a post study work visa* of up to four years.
The program curriculum is designed to provide a strong foundation in the principles and techniques of data science, programming and analytics, machine learning, simulation modelling, data mining, social web analytics, and big data processing techniques and platforms. The program is open to Grade XII students and is ideal for those with an aptitude for math and science.
*As an international student, you may be able to continue to live and work in Australia temporarily, following the completion of your undergraduate degree at S P Jain. While graduating students can apply for a post-study work visa, it is not a guaranteed outcome of the program. For eligibility and more information, please visit: https://www.homeaffairs.gov.au/
The Bachelor of Data Science program is not offered in Singapore.
Hashtag: #SPJain
The issuer is solely responsible for the content of this announcement.
ABOUT S P JAIN SCHOOL OF GLOBAL MANAGEMENT (SP JAIN GLOBAL)
S P Jain School of Global Management is an Australian business school that provides modern, relevant and practical global business education. With campuses in the dynamic business hubs of Dubai, Mumbai, Singapore and Sydney, S P Jain Global is renowned for its multi-city undergraduate and postgraduate programs as well as doctoral, executive and short-term online programs. For its flagship Global MBA program, the School has been ranked by reputed international publications such as Forbes,
Times Higher Education–Wall Street Journal,
Financial Times and
The Economist.
S P Jain Global is registered as an Institute of Higher Education by the Australian Government’s Tertiary Education Quality and Standards Agency (TEQSA). Upon graduation, students receive a degree conferred by SP Jain School of Global Management, Australia. The School is registered as a Private Education Institute (PEI) by the Committee for Private Education (CPE), Singapore, and permitted by the Knowledge and Human Development Authority (KHDA), Government of Dubai, UAE. Click here to read more.
Samsung Redefines Luxury with Bespoke Infinite Line
Built for discerning homeowners who appreciate timeless value perfected by cutting-edge innovation and fine craftmanship
SINGAPORE – Media OutReach – 27 March 2023 – Samsung Electronics Singapore unveiled the new Bespoke Infinite Line, which includes three freestanding products – a Wine Cellar, Fridge, and Freezer, featuring timeless design that combines refined lines with high-quality panels and finishes. The Made-in-Korea lineup is equipped with features that offers superior level of convenience, and beautifully complements any existing kitchen décor with its minimalist simplicity.

The Bespoke Infinite Line Wine Cellar is Samsung’s first full-height wine storage appliance. Tapping into the desire of wine enthusiasts and collectors, the Bespoke Infinite Line Wine Cellar is not just a wine storage space, it is a must-have statement piece that offers an elegant showcase of wine collection and innovative wine storage solutions.
“Our Bespoke line has resonated with many homeowners for its aesthetic and remarkable performance. Bespoke’s contemporary modular take on refrigeration solutions removes the need to discard or replace your fridge as your lifestyle evolves. For Bespoke Infinite Line, we combined that versatility with a design that exudes luxury, refined finishing, coupled with premium materials that is sure to remain stylish for years,” said Gavin Yeong, Head of Digital Appliances, Samsung Electronics Singapore.


Timeless Design for Every Kitchen
With a timeless aesthetic that reflects the latest trends, the Bespoke Infinite Line is built to last. Distinguished by its refined lines, the Infinite Design harmoniously blends into modern kitchens and will stand the test of time. Its smooth surface, metallic Timeless Greige finish with premium aluminium exterior, are complemented by an elegant gold copper-edged frame.
Made to fit coherently to achieve a built-in look, the Bespoke modularity element also allows homeowners to customise and seamlessly combine multiple modules into one unit. The 1-Door Fridge and 1-Door Freezer can be enhanced with the Bespoke Infinite Line Wine Cellar or vice versa, to create the perfect modular configuration to suit homeowner’s lifestyle.
The interior is bright and refined with its Tunnel Lighting and Black Metal Cooling, the two features that epitomise elegant balance of form and function. The Tunnel Lighting on the frame not only enhances the aesthetic, but beautifully illuminates the interior with light from every direction. Applied to the duct and door, Black Metal Cooling not only creates a sense of depth, but also makes it easier for the cooling units to efficiently maintain its cold temperature inside to ensure the freshness of your produce.
The Bespoke Infinite Line Wine Cellar comes with a high-performance Triple-Glazed Glass Door that blocks and reflects UV rays[1], to prevent harmful ultraviolet rays from chemically altering the quality and taste of the wines. The natural wood racks are crafted from high-quality natural oak wood that reduces quality-diminishing vibrations. There is also a presentation zone within the wine cellar for homeowners to showcase their most prized wine collections.


Ultimate Convenience for Homeowners
When it comes to luxury kitchen design, nothing is more exclusive than kitchen appliances that fit seamlessly into the cabinetry to achieve a built-in look, coupled with outstanding performance. The Bespoke Infinite Line is equipped with features that provide users the ability to store and access the cooling units under ideal conditions.
The Auto Open Door features a sensor on the side[2] that automatically opens the door when touched[3] for convenient access. The built-in sensor means there is no protruding door handles to get in the way, and the minimal look addresses modern consumers’ demand for clutter-free designs.
A 1.4-liter AutoFill Water Pitcher found in the Bespoke Infinite Line 1-Door Fridge enables users quick and easy access to refreshing, cold filtered water, anytime. The dishwasher-safe[4], BPA-free[5] AutoFill Water Pitcher automatically fills with filtered water as soon as it is placed in the fridge. It also offers the option to create deliciously flavoured beverages by adding any fruits or herbs in its built-in infuser.[6]
The Dual Auto Ice Maker in the 1-Door Freezer will ensure that users always have plenty of ice by automatically creating Whisky Ball Ice or Cubed Ice.


Dual Auto Ice Maker offers the true convenience with 2 types of ice.
Innovatively Designed to Optimise Storage and Freshness
The Bespoke Infinite Line offers flexible storage options that allow users to store different foods under optimal conditions, keeping everything deliciously fresh.
The Bespoke Infinite Line Wine Cellar consists of Triple Temperature Zone with three separate temperature-controlled compartments that create an optimal condition to simultaneously store different types of wine.
The top and bottom climate zones can be set to temperatures ranging from 5–18°C, while the Flex Pantry in the middle can be set between 5–13°C. Its low vibration environment of 1.7mg and sound level of 35dB[7] inside the cellar can reduce chemical reactions, which perfectly preserves each bottle’s taste. Moreover, the humidity control feature can prevent oxidation, which effectively prevents ruining of colours and flavours, corks from cracking, as well as mold and mildew from growing. Bespoke Infinite Line Wine Cellar is designed to create and maintain the ideal temperature and humidity to preserve the wine collection to age properly into the future.

Seamless SmartThings[8] Integration
For homeowners who enjoy a personalised home and a smart lifestyle, the Bespoke Infinite Line comes with several smart features via the SmartThings app that will bring more convenience, comfort, and customisation. SmartThings Home Care wizard keeps tabs on your household devices, send notifications and offers trouble-shooting solutions while SmartThings Energy[9] manages and monitors the current energy consumption to let users enjoy the best of smart savings.
For homeowners who want to take the guesswork out of their wine choices, SmartThings Smart Wine Storage can act as their personal sommelier. Users just need to scan the labels of each wine bottle and key in the required information to manage their wine inventory efficiently.
Lastly, with SmartThings Cooking, it can recommend the perfect food to pair with the wine[1] and monitors their groceries and the expiry dates of the items stored within the cooling units.
Bespoke Infinite Line Availability and Pricing
The new Samsung’s Bespoke Infinite Line is now available on the Samsung Online Store and at selected consumer electronic stores.
Model (Product body) | Colour | RRP |
BESPOKE Infinite Line
Body (RR40B99C5AP/SS) Panel (RA-R23EAAA1GG) |
Timeless Greige | $10,000* |
BESPOKE Infinite Line Wine Cellar
RW33B99C5TF/SS |
Triple-Glazed Glass | $13,000 |
BESPOKE Infinite Line
Body (RZ38B98C5AP/SS) Panel (RA-R23EAAA1GG) |
Timeless Greige | $10,000* |
*Disclaimer – Bespoke Infinite 1-Door Fridge (RR40B99C5AP/SS) / Freezer (RZ38B98C5AP/SS) and Door Panel (RA-R23EAAA1GG) sold separately. Price stated is inclusive of the Door panel.
Bespoke Infinite Line comes with a 20-year warranty on the Digital Inverter Compressor, which is known for its energy efficiency, durability and how quiet it runs.
More details about the Bespoke Infinite Line can be found here and also in the Appendix section (accurate at time of print).
Appendix
Product name | 1-Door Fridge | Wine Cellar | 1-Door Freezer | |
Model | RR40B99C5AP/SS | RW33B99C5TF/SS | RZ38B98C5AP/SS | |
Net Dimensions (W x H x D) mm | 595 x 1855 x 688 | 595 x 1855 x 688 | 595 x 1855 x 688 | |
Net Weight (kg) | 118kg | 146kg | 125kg | |
Capacity | 380L | 101 bottles | 314L | |
Exterior | Display Type | Backlighting Touch | Backlighting Touch | Backlighting Touch |
Interior LED Light | Tunnel Lighting | Tunnel Lighting | Tunnel Lighting | |
Panel Design | Timeless Greige | – | Timeless Greige | |
Energy | Energy Rating / Ticks | 3 Ticks | – | – |
Energy Consumption/year | 230 kWh/year | – | – | |
Door | Door Open Type | Auto Open Door (Right) | Auto Open Door (Right) | Auto Open Door (Left) |
Door Open Degree | 115° | 115° | 115° | |
Door Handle | Recess | Recess | Recess | |
Interiors | Metal Interior Wall |
✓
|
✓
|
✓
|
Duct & Door | Black Metal Duct | Black Metal Duct | Black Metal Duct | |
Cooling Type | Metal Cooling | Metal Cooling | Metal Cooling | |
Noise Level (dB) | 37 | 35 | 37 | |
Wi-Fi Embedded |
✓
|
✓
|
✓
|
|
SmartThings App Support |
✓
|
✓
|
✓
|
|
Water Solution | AutoFill Water Pitcher | – | – | |
Ice Solution | – | – | Dual Auto Ice Maker | |
FlexZone | ✓
|
✓
|
– | |
Deodoriser Type | UV Deodorising Filter | UV Deodorising Filter | – |
Hashtag: #Samsung
The issuer is solely responsible for the content of this announcement.
About Samsung Electronics Co., Ltd.
Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and memory, system LSI, foundry and LED solutions. For the latest news, please visit the Samsung Newsroom at http://news.samsung.com
Skipton International: UK Rental Property Remains Focal Point for Hong Kong and Singapore Investors
Hong Kong, Singapore and U.A.E. investor appetite for UK property demonstrates continues in 2023 demonstrating resilience amidst financial market volatility
GUERNSEY – Media OutReach – 27 March 2023 – Skipton International, the award-winning Guernsey licensed bank, has revealed that UK property investors based in Hong Kong and Singapore favour London, North West and West Midlands. This is according to data provided by Hamptons, the premier UK estate agent who, along with Skipton International, are part of the Skipton Group.

In 2022, over 600 rental property sales were recorded by Hong Kong (over 400) and Singapore (over 200) investors using the Bank’s buy-to-let (BTL) mortgages.
The lion’s share of these sales, 40%, were in London, followed by the North West (Leicester, Liverpool, Manchester etc.) at 23% and The Midlands, including Birmingham, Coventry, and Nottingham at 15%. The remainder was split across numerous areas across the UK.
The table below details the buy-to-let property purchases made in key regions during 2022 via Skipton’s buy-to-let mortgage support for Hong Kong and Singapore -based investors.
HONG KONG | PROPERTIES | SINGAPORE | PROPERTIES |
London | 157 | London | 102 |
North West | 106 | North West | 34 |
South East | 58 | South East | 20 |
West Midlands | 58 | West Midlands | 38 |
Commenting on the research data, Lorraine McLean, Mortgage Sales Manager, Skipton International, said:
“The findings clearly show Hong Kong and Singapore BTL purchasers see UK property as a safe haven asset class amidst last year’s political upheaval and global market volatility. Through introducing new products and competitive mortgage rates, Skipton International offers customers additional opportunities to fund their property portfolios.”
These products include Limited Company (Special Purpose Vehicle) buy-to-let lending, Base Rate Trackers, and Fixed Rate mortgages at attractive rates, plus introducing US Dollar savings accounts to provide more choice for customers.
In first two months of 2023, Skipton International has completed on Buy-To-Let mortgages with a value of over GBP44 million from investors based in Hong Kong, Singapore and United Arab Emirates alone. In comparison, the same period last year saw a slightly lower value, indicating house prices are increasing in the UK.
“The UK property market appears attractive to overseas investors for various reasons including a stable and transparent legal system, an appetite for various cities and towns, and the demand for rental properties continues to outstrip supply,” added Jim Coupe, Managing Director, Skipton International.
Away from city centres such as Birmingham, Cardiff, Edinburgh, Liverpool, London, Manchester where house prices continue to increase, houses in commuter towns and villages attract higher rental rates.
Hashtag: #skiptoninternational #skipton #UKproperty #btl
The issuer is solely responsible for the content of this announcement.
About Skipton International www.skiptoninternational.com
Skipton International offers a range of offshore savings accounts and is one of the Channel Islands’ leading mortgage lenders for residential Channel Island mortgages and UK Buy-To-Let mortgages for expats and non-UK resident nationals.
It is a two-times winner of the Moneyfacts ‘Offshore Bank Account of the Year’ award 2022 and 2023, and the Mortgage Introducer ‘Top Mortgage Employer’ Award 2022.
Skipton International Limited (Skipton), registered in Guernsey: 30112, is a wholly owned subsidiary of Skipton Building Society. It is also part of the Skipton Group, which includes Connells and Hamptons Estate Agents.
The bank is licensed under the Banking Supervision (Bailiwick of Guernsey) Law. Skipton is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any five-year period. Full details are available on the Scheme’s website www.dcs.gg or on request. To help maintain service and quality, telephone calls may be recorded and monitored.
Skipton International has a customer service rating of 4.7 / 5 according to Feefo, an independent online assessor of customer service, and is a three-times Platinum award winner as a trusted provider.
Skipton International: UK Rental Property Remains Focal Point for Hong Kong and Singapore Investors
Hong Kong, Singapore and U.A.E. investor appetite for UK property demonstrates continues in 2023 demonstrating resilience amidst financial market volatility
GUERNSEY – Media OutReach – 27 March 2023 – Skipton International, the award-winning Guernsey licensed bank, has revealed that UK property investors based in Hong Kong and Singapore favour London, North West and West Midlands. This is according to data provided by Hamptons, the premier UK estate agent who, along with Skipton International, are part of the Skipton Group.

In 2022, over 600 rental property sales were recorded by Hong Kong (over 400) and Singapore (over 200) investors using the Bank’s buy-to-let (BTL) mortgages.
The lion’s share of these sales, 40%, were in London, followed by the North West (Leicester, Liverpool, Manchester etc.) at 23% and The Midlands, including Birmingham, Coventry, and Nottingham at 15%. The remainder was split across numerous areas across the UK.
The table below details the buy-to-let property purchases made in key regions during 2022 via Skipton’s buy-to-let mortgage support for Hong Kong and Singapore -based investors.
HONG KONG | PROPERTIES | SINGAPORE | PROPERTIES |
London | 157 | London | 102 |
North West | 106 | North West | 34 |
South East | 58 | South East | 20 |
West Midlands | 58 | West Midlands | 38 |
Commenting on the research data, Lorraine McLean, Mortgage Sales Manager, Skipton International, said:
“The findings clearly show Hong Kong and Singapore BTL purchasers see UK property as a safe haven asset class amidst last year’s political upheaval and global market volatility. Through introducing new products and competitive mortgage rates, Skipton International offers customers additional opportunities to fund their property portfolios.”
These products include Limited Company (Special Purpose Vehicle) buy-to-let lending, Base Rate Trackers, and Fixed Rate mortgages at attractive rates, plus introducing US Dollar savings accounts to provide more choice for customers.
In first two months of 2023, Skipton International has completed on Buy-To-Let mortgages with a value of over GBP44 million from investors based in Hong Kong, Singapore and United Arab Emirates alone. In comparison, the same period last year saw a slightly lower value, indicating house prices are increasing in the UK.
“The UK property market appears attractive to overseas investors for various reasons including a stable and transparent legal system, an appetite for various cities and towns, and the demand for rental properties continues to outstrip supply,” added Jim Coupe, Managing Director, Skipton International.
Away from city centres such as Birmingham, Cardiff, Edinburgh, Liverpool, London, Manchester where house prices continue to increase, houses in commuter towns and villages attract higher rental rates.
Hashtag: #skiptoninternational #skipton #UKproperty #btl
The issuer is solely responsible for the content of this announcement.
About Skipton International www.skiptoninternational.com
Skipton International offers a range of offshore savings accounts and is one of the Channel Islands’ leading mortgage lenders for residential Channel Island mortgages and UK Buy-To-Let mortgages for expats and non-UK resident nationals.
It is a two-times winner of the Moneyfacts ‘Offshore Bank Account of the Year’ award 2022 and 2023, and the Mortgage Introducer ‘Top Mortgage Employer’ Award 2022.
Skipton International Limited (Skipton), registered in Guernsey: 30112, is a wholly owned subsidiary of Skipton Building Society. It is also part of the Skipton Group, which includes Connells and Hamptons Estate Agents.
The bank is licensed under the Banking Supervision (Bailiwick of Guernsey) Law. Skipton is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any five-year period. Full details are available on the Scheme’s website www.dcs.gg or on request. To help maintain service and quality, telephone calls may be recorded and monitored.
Skipton International has a customer service rating of 4.7 / 5 according to Feefo, an independent online assessor of customer service, and is a three-times Platinum award winner as a trusted provider.
Inflation and supply chain fears easing, but global economy continues to face uncertainty
SINGAPORE – Media OutReach – 27 March 2023 –
- Sharp falls in inflation to leave behind some of the recent challenges for the global economy.
- Central banks approaching the end of the tightening cycle partly as a response to recent tensions in the banking system.
- Easing supply chain pressures and resilient labour markets to support recovery but uncertainty about the outlook remains high.
- KPMG forecasts world GDP growth of 2.1 percent and inflation at 5.3 percent for 2023
KPMG Global Economic Outlook H1 2023
The outlook for the global economy took a positive turn in the first half of 2023 as inflationary pressures began to ease, but ongoing geopolitical tensions and domestic challenges in key markets are slowing any return to sustained growth, according to the latest forecast from KPMG.
According to KPMG’s latest Global Economic Outlook report, global energy prices returning to levels last seen prior to the invasion of Ukraine, combined with easing commodity and food prices, have helped put further downward pressure on inflation for the rest of 2023.
Despite the positive news, major economies throughout the world – most recently the UK and USA – are facing their own domestic pressures, delaying any hopes of improving market conditions and a drop in inflation. The nuanced, complex picture in each country, region and territory is placing unprecedented pressure on central banks, with worries that core inflation could remain sticky and price rises could become entrenched due to the relatively tight economic environment facing a number of territories. Growing fears for the wider international banking system could further complicate matters for central banks as they weigh in financial stability risks against a plan to bring inflation back to target.
The global organisation is forecasting GDP growth of 2.1 percent in 2023 and 2.6 percent in 2024 with inflation forecast at 5.3 percent in 2023 and 3.2 percent in 2024, and global unemployment levels of 5.2 percent in 2023 and 5.4 percent in 2024.
Yael Selfin, Chief Economist at KPMG in the UK, said:
“Despite the resilience of the labour market and the improving inflation conditions, we expect global economic growth to be relatively modest over the next two years, and to stay below its long-term average. Global growth is expected to be driven by the recovery of the Chinese economy and a relatively strong growth in some of the emerging markets, while Eurozone and the US economy are expected to contribute less to global growth over the next two years. Risks to the outlook are broadly skewed to the downside given the volatility in financial markets.
“The global economy has been through a series of significant shocks over the past three years – the Covid-19 pandemic and the Russia-Ukraine conflict – and saw a major expansion to government debt and a significant hike in policy interest rates by central banks. The ramifications of some of these headwinds may not have surfaced yet and we are still to see their full impact and how they interact.”
With monetary policy focused on moderating inflation while stabilising financial markets, fiscal policy is left as the potential tool to boost economic growth. Unfortunately, the public finances have deteriorated significantly over the past three years. Governments have spent significant amounts on first shielding their economies from Covid-19 and subsequently on protecting households and businesses from higher energy prices. That left public debt at historically elevated levels, with less room for expansionary fiscal policy. Even in the U.S., federal spending is expected to slow despite the ramp up in infrastructure spending, although in China fiscal support is to be stepped up following the reopening of the economy. The rise in interest rates has made these larger debt levels more costly to service, putting further pressure on government finances. Nevertheless, some positive growth momentum is expected this year from the relatively smooth reopening of the Chinese economy following the lifting of Covid-related restrictions in December last year.
The pressure on global supply chains has eased significantly in recent months, while shipping costs have dropped too. This should help alleviate some inflationary pressures and improve supply capacity. Global trade remains relatively weak, although we would expect it to recover this year as trade flows normalise with the reopening of the Chinese economy and a recovery in global growth, while we expect geopolitical tensions to continue to exert some pressure on trade flows over the medium term. Consumer demand is also expected to pick up this year, with excess savings – money saved during the pandemic when spending on certain services was not possible – still relatively high in China and Europe, which could potentially be deployed once confidence returns. Indeed, consumer confidence has started to improve in Europe, although it remains at relatively low levels.
Paul Kent, Partner, Advisory, at KPMG in Singapore, said:
“Singapore stands out as a beacon of hope amid global economic uncertainties. Even as the world faces challenges such as geopolitical tensions and banking crises, Singapore continues to experience steady growth in its economy that is expected to remain notably higher compared with other regions – thanks to strong optimism in the ASEAN region and sustained international investment in the nation. Furthermore, unemployment levels remain low and are expected not to rise significantly this year, highlighting Singapore’s relative resilience in the labour market.
“To ensure that Singapore remains vibrant and competitive economically, businesses across sectors need to focus their efforts on increasing productivity and upskilling their workforce to weather any potential turbulence ahead. Moreover, Singapore must also continue to keep a close pulse on the implications of global developments on inflation and interest rates to ensure that households and businesses remain sufficiently cushioned from the rising costs.
“The good news is that Singapore has in place robust and sound controls to safeguard its financial systems, with overall limited risk and exposure to banks here so far. However, the country will have to tread cautiously amid heightened volatility in the global financial markets and be ready to respond decisively to any ‘black swan’ events that could destabilise the economy.”
Regina Mayor, Global Head of Clients & Markets at KPMG, commented:
“How we get back to sustainable, long-term growth is the big question facing boardrooms and political chambers around the world right now. Some of the biggest inflationary fears – widely predicted late last year – have been mitigated by more direct, pro-active political action geared especially towards getting rising energy prices down. There are also signs that other commodities and food prices are finally starting to ease – helping consumers and business owners who’ve been facing a significant financial squeeze.
“The actions taken over the coming months are likely to play a significant role in the pace and nature of the world’s economic recovery. KPMG’s forecasts show that employment levels should remain robust, even given recent tech layoff announcements – a sign that the tightness of the labour market faced post-pandemic shows little sign of easing. It’s an indication of the complexities the world faces today. Strong employment figures are often held up as an example of buoyant market conditions, but they can also reflect the challenges central banks are facing as they attempt to juggle wage expectations, tightened credit conditions and the ever-present danger that any shift in the conflict in Ukraine could bring inflation back into the mix. The upside of a strong labour market, combined with relatively strong personal savings among consumers – especially in Europe and the Americas – means we could start to see robust consumer spending, driving a return to slow-but-steady domestic growth in key markets.”
Download KPMG’s Global Economic Outlook H1 2023 report at this link.
Hashtag: #KPMG
The issuer is solely responsible for the content of this announcement.
About KPMG Global Economic Outlook
KPMG’s Global Economic Outlook provides bi-annual economic forecasts, produced by macroeconomics teams across KPMG’s global network using a suite of external and in-house models capturing the main inter-relationships in the world economy. As with all forecasts, these are subject to considerable uncertainty and the outturn may differ significantly.
About KPMG International
KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.
KPMG firms operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
About KPMG in Singapore
KPMG in Singapore is part of a global organization of independent professional services firms providing Audit, Tax and Advisory services. We operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
© 2023 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.
Inflation and supply chain fears easing, but global economy continues to face uncertainty
SINGAPORE – Media OutReach – 27 March 2023 –
- Sharp falls in inflation to leave behind some of the recent challenges for the global economy.
- Central banks approaching the end of the tightening cycle partly as a response to recent tensions in the banking system.
- Easing supply chain pressures and resilient labour markets to support recovery but uncertainty about the outlook remains high.
- KPMG forecasts world GDP growth of 2.1 percent and inflation at 5.3 percent for 2023
KPMG Global Economic Outlook H1 2023
The outlook for the global economy took a positive turn in the first half of 2023 as inflationary pressures began to ease, but ongoing geopolitical tensions and domestic challenges in key markets are slowing any return to sustained growth, according to the latest forecast from KPMG.
According to KPMG’s latest Global Economic Outlook report, global energy prices returning to levels last seen prior to the invasion of Ukraine, combined with easing commodity and food prices, have helped put further downward pressure on inflation for the rest of 2023.
Despite the positive news, major economies throughout the world – most recently the UK and USA – are facing their own domestic pressures, delaying any hopes of improving market conditions and a drop in inflation. The nuanced, complex picture in each country, region and territory is placing unprecedented pressure on central banks, with worries that core inflation could remain sticky and price rises could become entrenched due to the relatively tight economic environment facing a number of territories. Growing fears for the wider international banking system could further complicate matters for central banks as they weigh in financial stability risks against a plan to bring inflation back to target.
The global organisation is forecasting GDP growth of 2.1 percent in 2023 and 2.6 percent in 2024 with inflation forecast at 5.3 percent in 2023 and 3.2 percent in 2024, and global unemployment levels of 5.2 percent in 2023 and 5.4 percent in 2024.
Yael Selfin, Chief Economist at KPMG in the UK, said:
“Despite the resilience of the labour market and the improving inflation conditions, we expect global economic growth to be relatively modest over the next two years, and to stay below its long-term average. Global growth is expected to be driven by the recovery of the Chinese economy and a relatively strong growth in some of the emerging markets, while Eurozone and the US economy are expected to contribute less to global growth over the next two years. Risks to the outlook are broadly skewed to the downside given the volatility in financial markets.
“The global economy has been through a series of significant shocks over the past three years – the Covid-19 pandemic and the Russia-Ukraine conflict – and saw a major expansion to government debt and a significant hike in policy interest rates by central banks. The ramifications of some of these headwinds may not have surfaced yet and we are still to see their full impact and how they interact.”
With monetary policy focused on moderating inflation while stabilising financial markets, fiscal policy is left as the potential tool to boost economic growth. Unfortunately, the public finances have deteriorated significantly over the past three years. Governments have spent significant amounts on first shielding their economies from Covid-19 and subsequently on protecting households and businesses from higher energy prices. That left public debt at historically elevated levels, with less room for expansionary fiscal policy. Even in the U.S., federal spending is expected to slow despite the ramp up in infrastructure spending, although in China fiscal support is to be stepped up following the reopening of the economy. The rise in interest rates has made these larger debt levels more costly to service, putting further pressure on government finances. Nevertheless, some positive growth momentum is expected this year from the relatively smooth reopening of the Chinese economy following the lifting of Covid-related restrictions in December last year.
The pressure on global supply chains has eased significantly in recent months, while shipping costs have dropped too. This should help alleviate some inflationary pressures and improve supply capacity. Global trade remains relatively weak, although we would expect it to recover this year as trade flows normalise with the reopening of the Chinese economy and a recovery in global growth, while we expect geopolitical tensions to continue to exert some pressure on trade flows over the medium term. Consumer demand is also expected to pick up this year, with excess savings – money saved during the pandemic when spending on certain services was not possible – still relatively high in China and Europe, which could potentially be deployed once confidence returns. Indeed, consumer confidence has started to improve in Europe, although it remains at relatively low levels.
Paul Kent, Partner, Advisory, at KPMG in Singapore, said:
“Singapore stands out as a beacon of hope amid global economic uncertainties. Even as the world faces challenges such as geopolitical tensions and banking crises, Singapore continues to experience steady growth in its economy that is expected to remain notably higher compared with other regions – thanks to strong optimism in the ASEAN region and sustained international investment in the nation. Furthermore, unemployment levels remain low and are expected not to rise significantly this year, highlighting Singapore’s relative resilience in the labour market.
“To ensure that Singapore remains vibrant and competitive economically, businesses across sectors need to focus their efforts on increasing productivity and upskilling their workforce to weather any potential turbulence ahead. Moreover, Singapore must also continue to keep a close pulse on the implications of global developments on inflation and interest rates to ensure that households and businesses remain sufficiently cushioned from the rising costs.
“The good news is that Singapore has in place robust and sound controls to safeguard its financial systems, with overall limited risk and exposure to banks here so far. However, the country will have to tread cautiously amid heightened volatility in the global financial markets and be ready to respond decisively to any ‘black swan’ events that could destabilise the economy.”
Regina Mayor, Global Head of Clients & Markets at KPMG, commented:
“How we get back to sustainable, long-term growth is the big question facing boardrooms and political chambers around the world right now. Some of the biggest inflationary fears – widely predicted late last year – have been mitigated by more direct, pro-active political action geared especially towards getting rising energy prices down. There are also signs that other commodities and food prices are finally starting to ease – helping consumers and business owners who’ve been facing a significant financial squeeze.
“The actions taken over the coming months are likely to play a significant role in the pace and nature of the world’s economic recovery. KPMG’s forecasts show that employment levels should remain robust, even given recent tech layoff announcements – a sign that the tightness of the labour market faced post-pandemic shows little sign of easing. It’s an indication of the complexities the world faces today. Strong employment figures are often held up as an example of buoyant market conditions, but they can also reflect the challenges central banks are facing as they attempt to juggle wage expectations, tightened credit conditions and the ever-present danger that any shift in the conflict in Ukraine could bring inflation back into the mix. The upside of a strong labour market, combined with relatively strong personal savings among consumers – especially in Europe and the Americas – means we could start to see robust consumer spending, driving a return to slow-but-steady domestic growth in key markets.”
Download KPMG’s Global Economic Outlook H1 2023 report at this link.
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About KPMG Global Economic Outlook
KPMG’s Global Economic Outlook provides bi-annual economic forecasts, produced by macroeconomics teams across KPMG’s global network using a suite of external and in-house models capturing the main inter-relationships in the world economy. As with all forecasts, these are subject to considerable uncertainty and the outturn may differ significantly.
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KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.
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KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
About KPMG in Singapore
KPMG in Singapore is part of a global organization of independent professional services firms providing Audit, Tax and Advisory services. We operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
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