“In Malaysia, growth should slow to around 4.4 per cent in 2016, as the economy adjusts to weak commodity prices and public spending cuts due to lower natural resource sector revenues,” the World Bank wrote in its latest Global Economic Prospects report,

“Growth is expected to rebound gradually in 2017-18, as commodity prices stabilise and reforms are implemented to spur investment, which has already showed signs of bottoming out,” it added.

The central bank, Bank Negara, in May reiterated its target for the Malaysian economy to achieve 4 per cent to 4.5 per cent growth in 2016.

The World Bank, meanwhile, is projecting growth in the East Asia and Pacific region, which includes China, to slow to an unrevised 6.3 per cent rate in 2016. China’s expansion is expected to ease to 6.7 per cent.

The region excluding China is projected to growth at 4.8 per cent in 2016, unchanged from 2015.

This outlook assumes an orderly growth slowdown in China accompanied by steady progress on structural reforms and appropriate policy stimulus as needed.

“Growth in the rest of the region is expected to be supported by rising investment in several large economies, in nations like Indonesia, Malaysia and Thailand.

“Meanwhile, strong consumption supported by low commodity prices is expected to occur in Thailand, the Philippines, Vietnam,” it said.

Slowing growth in China is expected to offset a modest pickup in growth among members of Aseanthis year.

The region is expected to benefit from the strengthening recovery in advanced economies, low energy prices, improved political stability, and continued favorable conditions in global financial markets, despite anticipated monetary policy tightening in the United States.

Among commodity exporters, growth in Indonesia is projected to pick up to 5.1 per cent in 2016 from 4.8 per cent, provided reforms are implemented to encourage investment and boost productivity.

Growth in Thailand is expected to accelerate gradually, but remain below 3 per cent on average in 2016 to 2018 as high household debt holds back consumption and export growth remains lukewarm.

Countries such as Indonesia, Malaysia, and Mongolia would benefit from making further progress in reducing reliance on commodity-related revenues.

Prime Minister Lee Hsien Loong gave these updates late Wednesday at a reception with Singaporeans in Yangon at Sedona Hotel, which is built by Singapore developer Keppel Land.

These “stopover flights” from Singapore through Yangon or Mandalay would benefit tourists.

“When people come as tourists, they can come to Yangon, stop over for a couple of days, get back onto the next aeroplane, go on to Mandalay and then go home,” PM Lee said, calling it a more attractive network of connections.

The 49 direct flights a week between Singapore and Myanmar are international, with flights to and from Singapore and Mandalay, or Singapore and Yangon.

PM Lee said the Myanmar government is keen to work with Singapore to improve connectivity. Both sides have also been discussing ideas that can improve things for their peoples and business communities, he said. “They listened to me. Some of this will move; some of the others, they will still study.”

A key announcement on Tuesday was visa-free travel between Singapore and Myanmar for 30-day trips by their citizens. It will take effect on December 1.

PM Lee told the 300 Singaporeans at the reception: “I hope when your family members come back and forth, it will be more convenient for them. They won’t have to apply for a visa, and you’ll keep in touch with home more often.”

The Singaporean community in Myanmar has grown from 150 a decade ago to at least 500 now.

The number looks set to soar as Myanmar is opening up and is “an adventurous place to be in”, PM Lee noted. “Not everything is solved yet, so there is some uncertainty… but that’s what it means to be on the frontier. We need Singaporeans to be out there, finding new opportunities and doing well.”

Agreeing, Lim Chong Chong, 38, group chief financial officer in a Myanmar company, told The Straits Times: “There are a lot of jobs and business opportunities in Myanmar for Singaporeans, but many are scared off by their negative impressions of the country.”

He cheered the visa exemption, saying: “It will make life easier, not having to keep going to the embassy to get a visa.”

But globally, Singapore is now the 18th most expensive location for expats, up 13 places in the last five years.

ECA International, which conducts its cost of living survey twice a year, said Tokyo remains the most expensive city in Asia for expats, followed by Hong Kong and Shanghai.

From a global perspective, however, Tokyo has moved down from 1st place over the last five years to 7th place, while Hong Kong is up 26 places from 2012’s 35th position.

Hong Kong now ranks higher than all Chinese Tier 1 cities for the first time in five years. The Hong Kong dollar has appreciated against most major currencies owing to its peg to the US dollar, which has pushed up prices of goods and services compared to those in locations whose currencies have weakened against the greenback, said ECA

Cities in China have jumped in the global rankings over five years. Shanghai, which was ranked as the 25th most expensive location for expats in the world five years ago, has moved up 15 places to the 10th most expensive. It is just ahead of Beijing (11th), Guangzhou (15th) and Shenzhen (24th).

ECA’s survey compares a basket of like-for-like consumer goods and services commonly purchased by expats in over 450 locations worldwide.

It excludes certain costs like accommodation rental, utilities, car purchases and school fees, because these are usually covered by separate allowances, ECA said.

The rankings reflect differences in inflation levels as well as exchange rate movements between the employee’s home and host countries.

“Singapore is a case in point,” said Lee Quane, regional director, Asia, ECA International. “In spite of relatively low levels of inflation in the past 12 months, a strengthening currency versus the Australian dollar and slightly higher rates of inflation for international assignees over the period as a whole has pushed Singapore above locations in Australia over the course of the past five surveys.

“This is also the case when compared with locations in Europe, who have experienced lower inflation rates and a depreciating currency over this time period.”

Jakarta fell 49 places in the last five years to 156th place in the world ranking mainly due to the weakness of the rupiah, said ECA. Kuala Lumpur, the most expensive location in Malaysia, fell by 19 places over five years to 197th place in 2016.

Australian locations continue to fall significantly down the global rankings – a reflection of the weakened Aussie dollar. Sydney, the most expensive location in Australia, fell from 15th place in 2012 to 70th in this year’s survey. Adelaide had the biggest fall for the country, now lying at 109th place, down 92 places from 17th.

The Senate adopted the House of Representatives’ version of the bill on May 30, thus eliminating the need for a bicameral conference.

The measure will only need President Benigno Aquino III’s signature, or he could automatically let it lapse into law in 30 days.

Sen. Pia Cayetano, the bill’s sponsor in the Senate, said in a radio interview she believed Aquino will sign the measure into law.

The anti-age discrimination bill seeks to promote equal opportunities in employment for everyone, and makes it a policy of the state to promote the employment of individuals on the basis of their abilities, knowledge, skills and qualifications rather than their age.

The bill makes it unlawful for employers to publish, in any form of media including the internet, job wanted ads that would suggest a preference, limitation, specification, or discrimination based on age.

It also prohibits the requirement of a declaration of age or birth date in the application process, and the rejection of an employment application due to an individual’s age.

It makes it unlawful as well to discriminate against an individual in terms of compensation or privileges of employment on account of age, and deny an employee’s promotion due to age.

Forcibly laying off a worker due to advanced age or imposing early retirement on the basis of an employee’s age are also prohibited under the measure.

“Technical losses need to be urgently addressed and 100-per-cent electrification is crucial to the nation’s growth,” said Andrew Lee, manager of General Electric Myanmar.

Electricity would help Myanmar move forward, but frequent blackouts due to system breakdown and weather conditions mean that the country needs a wider network and better transmission lines, he said at a panel discussion during the “Myanmar Business Leaders’ Summit: A new dawn”.

Cooperation is needed among the government, development partners, multinational companies and civil society.

“As long as the government generates losses of electricity, there is no way it could be sustainable. Without electricity, the country cannot move.”

Myanmar needs to maintain transmission lines regularly and invest more in maintenance and educating people in order to improve efficiency, as a large percentage of the load is missing.

Generating companies should practise due diligence to ensure technical capability, he said.

According to World Bank data, in 2013, transmission losses in Myanmar were as high as 27 per cent.

The ratio is high especially when the nation’s installed capacity is low and over seven million households have no access to electricity.

Lee supported Myanmar’s plan to generate more power by all means – hydro, oil and gas, solar, wind and renewable energy.

This requires independent power producers and more engagement with donors such as the World Bank, Asian Development Bank and International Finance Corporation.

According to Lee, four cities – Yangon, Mandalay, Nay Pyi Taw and Sagaing – use more than 70 per cent of total electricity generation.

More focus should be placed on the southern part of Myanmar, he said.

David Lukas, managing director of Smart Energy Services, proposed fully financed options for power production for the benefit of end-users.

“Reliability is an issue in power generation, and reliability standards differ for different projects.

“So, if you are building a new hospital, the hospital will really need reliable power. Likewise, in the telecommunications industry, you will also need reliable power,” he said.

“For Myanmar to grow in terms of GDP [gross domestic product], it needs more power. There is no doubt about it.”

Myanmar should adapt to three main global changes – technological, social and economic – as well as climate change.

Instead of using noisy generators to turn the lights on during blackouts, solar power is recommended, though each technology has some challenges.

Each project should be looked at individually in terms of operating and capital costs, he said.

Much of the discussion was also devoted to oil and gas exploration in the country.

Lynn Myint, general manager of North Petro-Chem Corporation (Myanmar) and former chief geologist at Myanmar Oil and Gas Enterprise, said more than 80 per cent of Myanmar’s onshore and offshore blocks have not been explored yet, most of them being in the western part of the country.

Before 2012, Russia and China played leading roles in exploration. International players emerged only after public bidding.

Lynn Myint has high hopes about new discoveries, thanks to very high technology and highly capable companies.

Woodside recently discovered gas at a block in Rakhine basin owned by Total E&P and MPRL.

Yet, the government should strike a right balance – some of the reserves should be kept for younger generations, he said.

“In Thailand, they gave all their blocks to multinational companies from other countries. Finally, they ended up without any reserves.

“So, they have to import gas from our country. Myanmar could face a similar situation one day, if we do not have a proper plan [for reserves] in place.”

Daniel Clery, Woodside’s manager for Myanmar, said gas discovered in Myanmar should be turned into electricity to support economic expansion.

Guy Williams, manager for Myanmar of Coffey International, urged the government to pay attention to environmental impact assessment.

Lack of information and knowledge needs to be addressed very urgently to ensure a great transition, he said.

The Senate adopted the House of Representatives’ version of the bill on May 30, thus eliminating the need for a bicameral conference.

The measure will only need President Benigno Aquino III’s signature, or he could automatically let it lapse into law in 30 days.

Sen. Pia Cayetano, the bill’s sponsor in the Senate, said in a radio interview she believed Aquino will sign the measure into law.

The anti-age discrimination bill seeks to promote equal opportunities in employment for everyone, and makes it a policy of the state to promote the employment of individuals on the basis of their abilities, knowledge, skills and qualifications rather than their age.

The bill makes it unlawful for employers to publish, in any form of media including the internet, job wanted ads that would suggest a preference, limitation, specification, or discrimination based on age.

It also prohibits the requirement of a declaration of age or birth date in the application process, and the rejection of an employment application due to an individual’s age.

It makes it unlawful as well to discriminate against an individual in terms of compensation or privileges of employment on account of age, and deny an employee’s promotion due to age.

Forcibly laying off a worker due to advanced age or imposing early retirement on the basis of an employee’s age are also prohibited under the measure.

The minister was speaking during the 15th Asean Socio-Cultural Community Council Meeting in Luang Prabang, Laos on June 4.

“Brunei will continue to be committed in the ASCC solely for the welfare and benefit of the AseanCommunity.”

He said under the ASCC, many fields such as health, youth, community development, arts and culture, and work environment leads to the field of sports but also includes disaster mitigation.

The meeting themed ‘Turning Vision into Reality for a Dynamic Asean Community’ was chaired by the Minister of Information, Culture and Tourism of Laos, Professor Dr Bonsengkham Vongdara and launched by the Laos Prime Minister Thonhloun Sisoulith.

In his opening speech, the prime minister invited relevant parties to pave the rapid progress of the AseanCommunity, particularly the ASCC. He said elements of inclusivity programmes and activities in relevant sectors to target groups should not be taken lightly.

Awang Halbi said the formation of the Asean community at the end of 2015 and the next phase is to realise the vision of the Asean Community in the year 2025 towards a united Asean Community that is secure and stable, a long journey that requires the involvement of Asean countries that are collective and comprehensive.

According to the minister, the Asean Vision 2025 focuses on human resource development towards a sustainable and diversified economy. He said human capacity building is important to be taken seriously, especially involving youth groups who are productive. “Creative youths specifically those in the field of info-communications technology will greatly assist in economic development, energy and the like,” said the minister.

“The challenges ahead are certainly demanding to prepare youths with positive characteristics, attitudes and good value towards the community who are competitive and independent.”

In a Joint Ministerial Statement, the ministers noted that 2016 is a significant year to start the implementation of Asean Vision 2025 and Blueprints of the three pillars of the Asean community; Political Security, Economic and Social Cultural following the formal establishment of the AseanCommunity by 2015.

In this regard, the ministers expressed their full support and commitment to the priority areas of ASCC in 2016 and the next.

The ministers stressed that the implementation and development of the ASCC Blueprint is crucial to be monitored to ensure good implementation in the framework of the 2016-2025 sectoral bodies.

During the ASCC meeting, the Ministers made recommendations to the Vientiane Declaration on Transition from Informal Employment to Formal Employment towards Decent Work Promotion inAsean ; Asean Declaration on One Asean One Response: Asean Responding to Disasters as One in the Region and Outside the Region; and Asean Declaration on Strengthening Education for Out-of-School Children and Youth.

The three declarations are hoped to improve working conditions, response to disaster that is integrated and attentive services towards youth who are unable to attend or continue school.

Laos is the chairman of Asean for 2016 with the theme “Turning Vision into Reality for a DynamicAsean Community”, emphasised on priority areas related to the people-oriented and people-centred through eight priority areas.

ASCC Ministers that were present during the meeting include ministers from Cambodia, Myanmar, Philippines, Singapore and Thailand as well as the Secretary-General of Asean .

The project aims to strengthen the management capacity of the government in the water supply sector and Water Supply State Enterprises (WSSEs) for sustainable and stable supply now and into the future.

The information was outlined during the 4th Joint Coordinating Committee (JCC) Meeting of the Capacity Development Project for Improvement of Management Ability of Water Supply Authorities (Project MaWaSU), held recently in Vientiane.

The purpose of the meeting was to outline project achievements and present WSSEs’ annual reports, a data management manual, long-term plan, mid-term financial plan, and water supply guidelines.

Speaking at the meeting, the Chief Representative of JICA Laos Office, Yusuke Murakami, stated JICA would closely monitor project activities and outcomes for further assistance in the water supply sector.

The work relates to grant aid and/or the MaWaSU project, in addition to the signed “Vientiane capital water supply expansion project” for socio-economic development in Laos.

The ministry’s Department of Water Supply described the future orientation and regulation of water supply administration to encourage companies to invest in the sector.

Previously, credit for SOEs was relatively high, but now, credit for private enterprises has increased significantly, Hong said, adding that the central bank has always targeted credit for production and business operations, especially in the government’s prioritised industries such as agricultural and rural development, exports, support industries, small- and medium-sized firms and high-tech enterprises.

However, she admitted that the capital market is under development to help enterprises with their long-term capital mobilisation requirements as the market was unbalanced due to the dependence on bank credit.

Hong said the government was very interested in the development of the financial market, including the monetary market, to create numerous channels to generate capital for enterprises.

Deputy Prime Minister Vuong Dinh Hue recently also instructed the SBV and relevant ministries to develop the financial market to a healthy level and diversify enterprises’ capital mobilisation channels, she said.

Hong made the move as representatives from the private sector at a recent forum to support the sector said it was facing many difficulties, where the greatest challenge was access to capital.

According to the representatives, while the private sector needs capital from many investors and numerous capital mobilisation channels, Vietnam’s financial market is unbalanced as most of the capital for enterprises comes from commercial banks. The capital source, with typically short tenures and volatile interest rates, in addition to asset mortgage requirements, often has a significant effect on the enterprises’ long-term business and development strategies as well as their capital mobilisation costs.

Meanwhile, capital funding from the securities market accounts for some 30 per cent of overall funding sources.

According to the representatives, the total outstanding loans are worth more than 200 billion dong (US$8.88 million), and the capitalisation value of the securities market is worth roughly $60 billion. However, the corporate bonds market is only worth roughly $1.3 billion due to a shortage of large investors and the introduction of poor financial products.