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World Economic Forum calls off meeting in Singapore

By Ivan Lim Former AJA President, Contributor to AsiaN SINGAPORE: Singapore is facing a fall-out at the international level because of the new near-lockdown measures it imposed to cope with a surge in Covid-19 cases. The World Economic Forum has called off its special annual meeting scheduled in the city-state in August. WEF founder and executive chairman Professor Klaus Schwab, said: “It was a difficult decision, particularly in view of the great interest of our partners to come together not just virtually but in person and to contribute to a more resilient, more inclusive and more sustainable world. “But ultimately, the health and safety of everyone concerned is our highest priority.”

World Economic Forum cancels meeting scheduled to be held in Singapore in August

The Straits Times World Economic Forum cancels meeting scheduled to be held in Singapore in August Organisers cited the uncertain travel outlook and new variants of Covid-19, among others, as reasons.ST PHOTO: KELVIN CHNG https://str.sg/JvP9 They can read the article in full after signing up for a free account. Share link: Or share via: Sign up or log in to read this article in full Sign up All done! This article is now fully available for you Read now Get unlimited access to all stories at $0.99/month for the first 3 months. Get unlimited access to all stories at $0.99/month for the first 3 months.

Asian Military Spending: A sign of worsening security environment

According to the latest Military Balance report, global defense spending for 2020 stood at $1.83 trillion, an increase of 3.9 percent in real terms. The annual publication produced by the London-based International Institute of Strategic Studies (IISS) noted that this was only “slightly lower” compared to 2019. Global military expenditures as a percentage of GDP went up from an average of 1.85 percent in 2019 to 2.08 percent in 2020. The Military Balance report further noted that global economic output had been severely impacted by the pandemic, seeing a contraction of 4.4 percent. Despite the economic downturn, military spending has been maintained almost at the same level of the previous year. This at least partly illustrates the growing security competition that is clearly feeding growing military spending. It is unlikely that this trend will reverse in the near term because there is no guarantee that the security environment in the Indo-Pacific will ease up anytime soon.

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