To hear it from Singapore, the global economy is a glass half full. The central bank’s latest assessment skips some of the pessimism that’s been a feature of communications this year. If this hub for trade and capital is right, then the global expansion will live to fight another day.
It’s by no means a sure bet, and the city-state’s officials are careful not to declare victory. They do sound less dour than recent prognostications from the OECD, the International Monetary Fund, and European policymakers. “The risk of a sharp downturn, precipitated by financial vulnerabilities, has receded compared to earlier in the year,” the Monetary Authority of Singapore said on Friday.
