If you hear it from Singapore, the global economy is a glass half full. The central bank’s latest assessment ignores some of the pessimism that has dominated communications this year. If this hub for trade and capital is right, global expansion will survive to see another day.
This is by no means a sure thing, and the city-state’s officials are cautious not to declare victory. They sound less gloomy than the latest forecasts from the OECD, the International Monetary Fund and European politicians. “The risk of a sharp downturn triggered by financial vulnerabilities has decreased compared to the beginning of the year,” the Monetary Authority of Singapore said on Friday.
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