(13th Congress) - Singapore's propertyguru.com.sg page cited a recent report of Malaysia's largest bank Maybank Kim Eng, confirming that Vietnam and Singapore are recovering under the V-shaped model, with a much faster rate than expected, as well as compared to other countries in the region.
Photo for illustration (Source: VOV)
The article said Maybank’s economists attributed these “V” recoveries to generous government subsidies, low interest rates, high household savings rate, and work-from-home policies.
Maybank emphasized that Vietnam is a rare economy in ASEAN that escaped recession because the country’s manufacturing purchasing managers’ index has risen significantly, quicker and stronger than its ASEAN neighbors.
Exports and retail sales saw a brief contraction, and have since normalized. The strong pick-up in domestic business and transport activities resulted in a “V” recovery in freight transport, said PropertyGuru.
Meanwhile, factors supporting the faster-than-expected recovery of Singapore’s economy are real estate transactions, strong growth in manufacturing and exports of semiconductors./.
BTA