The development of Asia has speed up in the last few years thanks to emerging technology and the integration of AI. Read our Asian news round-up and stay up-to-date with all the latest developments from Asia.
Singapore To See Acceleration In Its Economic Growth
The Mastercard Economic Institute or MEI, has released a report, and according to that, Singapore is all set to experience acceleration in its economic growth. The MEI said in their report that the country has been growing at the rate of 0.9% in 2023, and that figure is expected to go up to 2.7% in 2024. The main reason for this evaluation is the stabilisation in the external trade of the country.
Taiwan And South Korea Feels The Brunt Of Apple Downgrade
On Tuesday, Apple’s share price was down 4% following the rating given by the British bank Barclays. However, along with Apple, its equipment suppliers in Taiwan and South Korea also felt the brunt of the ratings and saw a decline in their indexes as well. South Korea’s tech giant Samsung also experienced a slight decline in its share prices. Meanwhile, in Taiwan, TSMC and Foxconn also experienced a decline of 1..8% and 0.48%, respectively. Now the eyes are set on India as it has just signed a deal with Foxconn which is expected to improve indexes and individual company’s shares.
‘B Y D’ Beats ‘Tesla’ In Its Manufacturing Capabilities
The emerging car manufacturer from China, BYD, has outperformed industry giant Tesla in terms of making more cars. According to both companies, BYD made around 3 million cars in 2023 where, as the well established Tesla only managed to churn out 1.84 million cars. However, the thing to notice here is that out of the 3 million cars made by BYD, 1.6 were all-electric cars, while the other 1.4 million were made as a hybrid; this put Tesla ahead of BYD in terms of all-electric cars.
