Vietnam introduces 16 measures to curb inflation while ensuring growth.
The government basically will suspend stagnated projects as well as imposing serious fines on any individual or organisation speculating and causing essential goods’ prices to rise, these are from directives from Prime Minister Nguyen Tan Dung. He has in early April, ordered a halt to increased commodity prices until the end of June, a move aimed at cooling inflation which shocked many at 11.6 percent in the first quarter of 2008. Food cost registered the highest rise with 22.19 percent in May. Fuel subsidises were starting to stress on government spending which might lead to a widening in fiscal deficit.
India has imposed the export duty of 5-15% on steel and rice. The state government has waived off cess charged by the market committees on all the transactions of farm produce, which include grains, fruits, vegetables, edible oil etc.
The Chinese President Hu Jintao has vowed "forceful measures" to curb rising food prices and address a booming real estate market to curb rising housing prices to help low-income families and to provide them with better health care benefits. The central government has made arrangements to speed up the low-rent housing system, improve the affordable housing system and ease the housing difficulties of urban low-income families.
And you might wonder how the Middle Eastern countries whom are making tons of money from US$135/barrel of oil, deal with the rising inflation. The Saudi Kingdom gives sufficient welfare to their people by reducing tariffs on food items such as frozen poultry, dairy products, and vegetable oils from 20 to 5 percent. The Saudi Government has also decreased levies on building materials and has introduced subsidies and welfare payments.
Hmm now I wonder how my wonderful rich bought-Shin Corp-UBS-Citigroup-Westin Tokyo-Taiwan Bowa Commercial Bank-I give up-read here on their purchases-I wonder where they get their $$ from-government will be dishing out welfare or subsidies to the citizens. Oh wait.. our MM recently mentioned "Subsidies will not solve Singapore's problems"
MM Lee says giving subsidies will not solve Singapore's problems
By S Ramesh, Channel NewsAsia Posted: 25 May 2008 2021 hrs
SINGAPORE: Singapore's problems cannot be solved by giving subsidies, but by having a dynamic economy, said Minister Mentor Lee Kuan Yew.
Speaking at the Tanjong Pagar Day celebrations at the Queenstown Stadium on Sunday, Mr Lee drew lessons for Singapore from how countries in the region are tackling their problems.
The world has moved into years of high prices for food and oil, said Mr Lee. But Singapore does not have agriculture, so people have to earn enough money by working hard and smart to pay market prices for food.
He made it clear that Singapore cannot go the way of welfare systems in Europe, which have lowered incentives to strive and excel.
The minister mentor said: "I read many letters in the press urging subsidies for all manner of things – seat belts for school buses, food for the poor, medical fees and so on. Singapore must remain a competitive society to generate growth year after year.
"The government must ensure that everyone has the highest paid job he is qualified to do. If his salary is below the minimum for a decent life, the government will top up with Workfare. When everybody knows the cost of what he consumes or uses, he will spend his money more to his benefit."
Mr Lee noted that countries in the region have taken different approaches to worldwide problems.
His call to Singaporeans is to be grateful that the nation has long-term stability, continuing high-value investments and good growth. Mr Lee said he is confident that in five years, Singapore will be a more lively and beautiful city.
I think I prefer calls to readjust travel routes, buying cheaper house brand foods, and probably eat more $1.50 chicken rice; than telling me to be grateful to excessive fees, taxes, monopolized profits of GLCs, and purchases of "long term"
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