28 May 2024
Viewpoint: How does Singapore's GDP Growth impact you?
Singapore's economy grew 2.7% year-on-year in the first quarter of 2024, beating expectations
What does that mean for us?
Song Seng Wun, economic advisor at financial services firm, CGS International, explains this for us.

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Listen To His Previous Podcasts:

6 February 2023
Morning Shot: Will the GST hike & inflation impact your Angbao $ this year?
Latest figures are signalling a tightening of consumers’ purse strings, with a dip in Singapore’s retail sales last December compared to the year before. Will the recent GST hike and inflationary pressures further weigh down on red packets this Chinese New Year, and beyond?
On this episode of Morning Shot, Song Seng Wun, Singapore Economic Advisor at CGS International shares his insights.
Presented by: Ryan Huang & Audrey Siek
Produced and edited by: Yeo Kai Ting (ykaiting@sph.com.sg)
Graphics credits: pixabay & its talented community of contributors
Music credits: Chordify

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15 December 2023
Weekly Wrap Up: Singapore retrenchments saw an increase in 3Q2023, should we be worried?
Finalised Ministry of Manpower (MOM) data for the third quarter of 2023 has shown that the number of job vacancies was at 78,400 in September. The data also revealed that Singapore retrenchments numbers saw an increase in 3Q2023.
As we embark into a new year, will Singapore’s job market continue to cool?
Song Seng Wun, Economic Consultant, CGS CIMB Securities shares his views.

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3 August 2023
Breakfast Special: Bellynomics - Savoring, Feasting and Sizing Up Singapore's economic landscape
Bellynomics, the study of food, money & work!
This is in the bio of Song Seng Wun's Instagram.
He is a veteran economist who knows the ebbs and flows of the Singapore economy, having witnessed all the cycles, changes and crises since 1990.
As Singapore celebrates its 58th birthday this August, Song, who is now an Independent Economist and enjoying a mini-break of sorts before deciding what to do next, gives us his Bellynomics recollection of some of the "star dishes" (aka milestones) of Singapore's economy, as well as the "ingredients" the country needs to move forward.
Presented by Lynlee Foo and Ryan Huang
This podcast is produced and edited by Anthea Ng (nganthea@sph.com.sg)
Do contact her for topics: C-Suite, SME, Sustainability, Property, Intergenerational Family Business, Industry Outlook, Fintech

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27 June 2023
Money in the Market: What does an eighth straight month of declining manufacturing output numbers tell us about the state of Singapore's economy?
Singapore’s Economic Development Board (EDB) revealed a downturn in the nation’s manufacturing output in its latest report released yesterday.
The data shows a 10.8% decrease in manufacturing output in May 2023 compared to the same period last year.
This represents eight straight months of decline and has prompted economists to once again warn of a heightened risk of a technical recession.
What are the major concerns and silver linings - if any - stemming from this data?
On Money in the Market, Emaad Akhtar speaks to Song Seng Wun, Economist, CIMB Private Banking, to find out more.

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14 April 2023
Money in the Market: Will MAS tighten again after this halt?
A surprise move from MAS.
The central bank has kept its monetary policy settings unchanged after five straight tightening moves since October 2021, pointing to rising global growth risks and ebbing inflation.
So what does this mean? Can we expect MAS to tighten again after this halt?
On Money in the Market, Hongbin Jeong speaks to Song Seng Wun, Economist at CIMB Private Banking, to find out more about the latest move.

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27 January 2023
Weekly Wrap Up: Singapore to keep building local tech talent amid job cuts
Singapore’s manufacturing output shrank in December for a third straight month and the nation will continue to invest in building up local tech talent despite the recent lay-offs at tech giants.
Song Seng Wun, Economist, CIMB Private Banking shares his views on those headlines and more.

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3 January 2023
Market View: Prospects of a soft landing for the US economy, Value Stocks for 2023, China’s pharmaceutical industry, Singapore’s GDP numbers, 8% GST and Budget 2023
It’s the start of a brand new year and as we head into the first trading day of 2023, we seek to keep you up to date with all you need to know for the week.
In the US, the stock market had suffered a beating last year with major averages ending as much as 33.03% in the red. With the odds of a recession on the top of minds of investors, can the US Federal Reserve engineer a soft landing, and where will markets likely move for January at least?
Over in China, the country’s pharmaceutical sector saw a boost amid the surge in cases but which are the sectors that will benefit from China’s reopening and to what extent is the upside limited?
Back home, Singapore’s Deputy Prime Minister and Minister for Finance Lawrence Wong is set to deliver the country’s FY 2023 Budget Statement in Parliament on 14 February. What can we expect in a high inflationary environment this time round?
On Market View, Prime Time’s finance presenter Chua Tian Tian posed these questions to Song Seng Wun, Economist at CIMB Private Banking.

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18 November 2022
Weekly Wrap Up: FTX files for bankruptcy, the future of cryptocurrency scene in question

Founded by Sam Bankman-Fried, one of the most prominent personalities in the cryptocurrency world, FTX filed for bankruptcy protection in the US last week. And this is after it failed to meet a torrent of withdrawals, delivering another shock to the virtual asset sector after similar woes befell other big names, including crypto hedge fund Three Arrows Capital, Celsius Network and Babel Finance.
Song Seng Wun, Economist, CIMB Private Banking shares more.

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19 October 2022
Market View: US earnings season, Effectiveness of Jeremy Hunt’s policy reversal in the UK, Singapore’s core inflation expectations for September
With the earnings season well underway, investors in the US continue to comb through a number of reports from big names including the Bank of America, United Airlines, Netflix and Hasbro for clues on how inflation have eaten into top and bottom lines, while they await more companies such as P&G to report later in the week. Elsewhere, European markets edged higher on Monday after Britain’s new Finance Minister Jeremy Hunt reversed almost all of the tax cuts announced by his predecessor Kwasi Kwateng in a bid to bring stability back to the markets. Back home, investors continue to keep their eyes peeled on September’s core inflation numbers next week to gauge the Monetary Authority of Singapore’s next move. On Market View, Prime Time’s finance presenter Chua Tian Tian sat down with Song Seng Wun, Economist, CIMB Private Banking as they unpacked the latest happenings in major world economies.

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 23 September 2022
Money in the Market: Has inflation peaked in Singapore?
Singapore’s core inflation hit a near 14-year high of 5.1% in August on more costly food and services. And both MAS and MTI say inflationary pressures will remain elevated in the months ahead. On Money in the Market, Finance Producer Hongbin Jeong speaks to Song Seng Wun, Economist at CIMB Private Banking, to find out what these inflation numbers mean for consumers and what the next moves of MAS may be.

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18 July 2022
Market View: What can expect from the market this week after the meeting of the European Central Bank?
Singapore saw a slow growth of non-oil export by nine percent last month. Besides, the ECB meeting this coming Thursday with an expectation of raising lending rates is also being looked forward to. In Market View, Prime Time’s Timothy Go and Bharati Jagdish spoke with Song Seng Wun, Economist at CIMB Private Banking to find out more.

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14 July 2022
Money in the Market: Will the further policy tightening by MAS likely to weaken the US dollar’s strength against the Singapore dollar?
Singapore's economy grew slower than expected in the second quarter this year, according to flash estimates. And in a surprise move, the Monetary Authority of Singapore has further tightened its Singdollar policy stance. It’s now making room for a stronger Singapore dollar to douse the impact of rising global prices. On Money in the Market, Hongbin Jeong speaks to Song Seng Wun, Economist at CIMB Private Banking to discuss Singapore's GDP Quarter 2 estimates and the surprise move by the MAS.

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22 June 2022
Market View: Will a US recession trigger more Asian economies to fall into recession as well?
On Market View, Melissa Hyak is joined by Song Seng Wun, Economist, CIMB Private Banking to talk about Singapore's CPI results for May; Fed chair Jerome Powell's most explicit acknowledgment to date that steep interest-rate hikes could tip the US economy into recession; and whether that will lead to other Asian economies falling into a recession.

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3 June 2022
Market View: China’s economy prospect following ease in Covid-19 restriction
Fed’s quantitative tightening programme and China’s economic outlook after easing its Covid-19 measures are among the top concerns of this week. In Market View, Prime Time’s Bharati Jagdish spoke with Song Seng Wun, CIMB Private Banking to find out more.

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25 May 2022
Market View: Singapore economy is expected to experience weakened external demand
Singapore's economy has expanded by 3.7 per cent with an uplift from manufacturing, finance and insurance, and professional services. The Ministry of Trade and Industry has kept its full-year growth forecast, but the print is “likely to come in at the lower half of the forecast range”. In Market View, Prime Time’s Bharati Jagdish spoke with Economist at CIMB Private Banking, Song Seng Wun, Economist, CIMB Private Banking to find out more.

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17 May 2022
Market View: Economy picture and possible recession risks in Asia
Non-oil exports cooled again in April, inflation and the prospect of more rate hikes, China's economic activity cooled sharply in April as well, adding to fears that the economy could shrink in the second quarter are the data we are going to analyse today to see the general the economy picture and recession risks in Asia.

In Market View, Prime Time’s Bharati Jagdish spoke with Song Seng Wun, Economist at CIMB Private Banking to find out more.

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25 April 2022
Market View: Breaking Down Singapore's Rising Inflation
Singapore inflation jumped 5.4% in March - -its highest since 2012. Song Seng Wun, Economist at CIMB Private Banking, joined us on Prime Time to discuss the numbers, how big a part rising wages and surging energy costs played in the inflation print, how effective the MAS' recent tightening measures may be in helping Singaporeans weather the inflation, and if the price of beer at his neighbourhood pub has already risen.

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25 March 2022
Weekly Wrap Up: PM Lee addresses nation on 'improving' Covid-19 situation
Endemic is here for Singapore! And in a national address on March 24, PM Lee Hsien Loong announced the relaxation of Singapore's Covid-19 safe management measures. Song Seng Wun, Economist, CIMB Private Banking discuss more about the business sectors that are expected to benefit the most out of these announcements and what these new sets of measures will mean for Singapore's economic outlook.

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24 January 2022
Bigger Picture: Bak Kwa prices hit new highs
Song Seng Wun, Economist, CIMB Private Banking discusses how the Bak Kwa Index helps to paint the outlook for Singapore's economy, and how the rising prices partly reflect the inflationary pressures

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10 November 2021
Of Easing Travel, Inflation, and Year-End Risks
With the US reopening its borders to fully vaccinated travelers and Singapore reopening new travel lanes, new hope has breathed into the global reopening as more countries learn to live with COVID-19. Inflationary pressures though, continue to show up in household expenses and the profit margins of some firms. Song Seng Wun, Economist at CIMB Private Banking, joined us on Prime Time to talk about the risks and opportunities these pose for the last 2 months of the year.

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17 September 2021
Weekly Wrap Up: Singapore's chicken prices could increase, fuelled by rising feed costs in Malaysia
Your next plate of chicken could be more expensive as chicken prices are set to increase, driven by the higher cost of raw materials, such as corn and soybean — the main ingredients in poultry feed. The Breakfast Huddle's Elliott Danker and Bharati Jagdish chat with Song Seng Wun, Economist, CIMB Private Bank about how will this increase impact F&B establishments that rely on chicken.

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10 August 2021
Market View: Outlook on Singapore's economy
Song Seng Wun, Economist, CIMB Private Bank, joined us on Prime Time to share his outlook for Singapore’s economy as restrictions ease up.

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26 July 2021
Market View: The Singapore Economy: A Macro & Micro Survey in COVID Times
Though a 3Q setback is possible thanks to the reimposition of Phase 2-HA restrictions, the Singapore economy is still expected to bounce back this year, from a macro perspective. But on a micro scale, what costs are the vulnerable sectors possibly bearing? Song Seng Wun, Economist at CIMB Private Banking, joined us on Prime Time to discuss.

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28 June 2021
Market View: Economic update by Song Seng Wun, Economist, CIMB Private Banking
Song Seng Wun, Economist, CIMB Private Banking shares his outlook for Singapore's manufacturing and economy.

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18 June 2021
Weekly Wrapup: Census of Population 2020: Potential economic impact
Song Seng Wun, Economist, CIMB Private Banking, discusses the highlights from the Census of Population 2020, Singapore's ageing population and how it will impact Singapore's economy in the future.

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25 May 2021
Market View: Look ahead following better than expected GDP numbers
The Singapore economy grew at a much faster pace in the first quarter of this year, exceeding earlier estimates by both the Government and most analysts - is this a sign that things are looking up?
Song Seng Wun, Economist at CIMB Private Bank makes sense of the latest numbers.

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13 April 2021
In The Spotlight: Impact of slower vaccine rollout on global economic recovery
Earlier this month the  International Monetary Fund upgraded its global economic growth forecast for the second time in three months.
It’s projecting global grow at 6 percent in 2021, moderating to 4.4 percent in 2022.
The IMF says the upward revision reflects additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the second half of 2021, and continued adaptation of economic activity to subdued mobility.
As the recovery is closely linked to vaccine rollout - Prime Time's Rachel Kelly speaks with CIMB Private Bank, Economist, Song Seng Wun for his thoughts on recent vaccine delivery developments and what that might mean for global economic growth.

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11 February 2021
Bigger Picture: Bak Kwa prices hit record high despite coming out of worst recession
Song Seng Wun, Economist, CIMB Private Banking discusses why there seems to be no holding back Bak Kwa prices from pushing another new high, and what signals he's seeing for Singapore's economic outlook.

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23 December 2020
Across the ASEAN: The Year Ahead for Singapore's Economy
Though hopes are high for a solid economic rebound, a lot of uncertainties still face the Singaporean economy heading into 2021. Will businesses and industries require more support measures in the year ahead, and can the government continue to provide? Will there be a reflation in the year ahead? And will continued travel restrictions between Singapore and Malaysia continue to hamper a recovery on either side of the Causeway? Song Seng Wun, economist at CIMB Private Banking, joined us on the last episode of Across the ASEAN for 2020.

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15 December 2020
In The Spotlight: What does Phase 3 & vaccine announcement mean for Singapore’s economic outlook?
From the second half of January 2021, short-term business travellers from all countries arriving in Singapore will no longer need to be quarantined, under new segregated travel lane arrangements. This news follows the announcement last night that Singapore will go into phase 3 at the end of December. To find out what these latest announcements mean for Singapore’s Economy, Prime Time's Rachel Kelly spoke to Song Seng Wun, Economist at CIMB Private Bank.

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23 November 2020
Market View: Recapping Singapore's Final 3Q GDP Figures
Singapore's 3Q GDP contracted by 5.8% year-on-year, but grew by more than 9% as compared to the second quarter. Song Seng Wun, economist at CIMB Private Banking, joined us on Prime Time to talk about the numbers, and whether Singapore should brace for a more sluggish fourth quarter.

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27 August 2020
Raise in minimum salaries for Employment Pass and S Pass holders
Minister for Manpower Josephine Teo has announced that the Government will raise the salary criteria for Employment Passes and S Passes. Song Seng Wun, Economist, CIMB Private Bank, shares more about how this could help the Singaporean workforce and some possible economic implications.

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11 August 2020
Reviewing Singapore's Final 2Q GDP Figures and Keppel's 11% Slump
Singapore grappled with a 13.2% contraction in 2Q GDP, deeper than the advanced estimates were foreshadowing, and Temasek's decision to withdraw its bid for a majority stake in Keppel Corporation. Song Seng Wun, Economist at CIMB Private Banking, joined us on Prime Time to discuss the 2 events.

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11 June 2020
Organisation for Economic Co-Operation and Development releases economic outlook
The Organization for Economic Cooperation and Development (OECD) released its twice-a-year economic outlook and unusually, presented two scenarios; one where Covid-19 continues to recede, and another where a second wave of rapid contagion erupts later in 2020. Song Seng Wun, Economist, CIMB Private Bank gives us his take on the outlook.

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26 May 2020
Singapore's New Fortitude Budget and the Lowered Economic Outlook
JP Ong spoke to CIMB Private Bank Economist Song Seng Wun shortly after the release of Singapore's Fortitude Budget, that sent the country's spending response to more than 19% of GDP. He also commented on expectations of a deeper contraction by economic authorities.

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7 April 2020
Third round of Budget measures to help Singapore through COVID-19
Song Seng Wun, Economist, CIMB Private Bank breaks down the latest on the Government's announcement of an unprecedented third round of support measures to help tide Singapore through the COVID-19 circuit breaker distancing measures and the importance of having it.

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30 March 2020
The MAS' Recent Decision and the State of Liquidity for Markets
The Monetary Authority of Singapore eased policy as many economists expected, by reducing the slope of appreciation for the Singapore Dollar, and lowering the midpoint of the range. But how exactly is that achieved and why is it so important for a city-state like Singapore? Song Seng Wun, Economist at CIMB Private Bank, joined us on Market View to explain how the MAS conducts its move, and why a liquidity squeeze last week was so serious for global markets and economies.

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18 February 2020
Unpacking the Budget 2020
Howie Lim and JP Ong speak to Song Seng Wun, economist from CIMB Private Banking to unpack some of the initiatives announced during the Budget speech yesterday.

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19 December 2019
A Better 2020 for the Singaporean Economy?
Hopes are that the local economy, fresh from recession scares this year, will fare better in 2020. CIMB Economist Song Seng Wun joined us on Prime Time to talk about his outlook for GDP growth, whether a turnaround for manufacturing can be believed, and what role a possible property glut and next year's budget will play for next year's GDP.

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21 Nov 2019
The Bigger Picture: S'pore Q3 GDP up 0.5%, better than expected
Song Seng Wun, economist, CIMB Private Banking tells us about the importance of payment tokens such as Bitcoin and Ether to be traded on approved exchanges in Singapore, the overview of Singapore's third quarter which surprisingly came in positively and more.

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10 Oct 2019
A Lookahead at US-China Trade Talks with CIMB's Song Seng Wun
Much is at stake ahead of the resumption of US-China trade talks this Thursday, with no clarity on whether both sides can make progress. CIMB economist Song Seng Wun helps us preview the discussions, and what a partial deal, or a breakdown in talks, might mean for markets and the economy.

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12 Apr 2019
CIMB's Song Seng Wun Crosses His Fingers on a GDP Recovery
Advance 1Q GDP figures came in at 1.3%, with manufacturing showing signs of contracting. CIMB Economist Song Seng Wun is crossing his fingers that a recovery may be possible in the future, but that a lot will hinge around the outcome of trade talks to see if it can hit the government's target range for 2019.

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24 Jan 2019
Bak Kwa Index And Global Economic Outlook
Song Seng Wun, Economist at CIMB Private Banking shares more on the Bak Kwa Index ahead of Lunar New Year, and also his global economic outlook for 2019.

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