An update

According to the world bank, global economy is set to contract 3 percent this year - a sharper figure compared to previous estimates. This came ahead of the G8 meeting on Friday, Italy. Financial markets around the world have rallied upwards but there exists risks. The rally that started somewhere in March has risen about 40 percent till date. Meanwhile, in Singapore, the PMI has risen, giving rise to a number of revised upward figure for the economy. The increase reflects an increase of new orders, new export orders, inventory and stocks of finished goods. However, the overall input prices and employment continued to contract. Meanwhile, crude oil price climbs above US$72.