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Articles by Benjamin Ong
Harnessing health economic evaluation for policy and practice
Abstract Health economic evaluation is essential for evidence-informed health policy, supporting prioritization of high-value care and optimal resource use. This Perspective synthesizes experiences from the HTAsiaLink network and global literature to demonstrate its role across the technology lifecycle. Drawing on diverse country experiences, it highlights how these methods guide value-based, equitable, and sustainable decision-making amid rapid technological advances and resources constraints.
Autoimmune Sequelae After Delta or Omicron Variant SARS-CoV-2 Infection in a Highly Vaccinated Cohort
Key Points Question What is the long-term risk of autoimmune diagnoses after infection from SARS-CoV-2 Delta or Omicron variant infection in vaccinated cohorts who also received boosters against COVID-19? Findings In this cohort study of 1 766 036 adults in Singapore, no significantly elevated risk of autoimmune sequelae after infection from Delta and Omicron BA.1 or BA.2 variants was observed.
Finding Sophia: Wisdom in the Interstitial Voids » Transpositions
Transept’s 2024 exhibition, (a)void, opens this week in St Andrews. Leading up to the exhibition, artists will be reflecting on their process and work. Below, Benjamin Ong meditates on photography, lockdown walks and urban voids overtaken by nature. Seventeen years ago, I received an offer—which I eventually turned down due to financial constraints—to study philosophy and theology in St Andrews.
Commentary: Black or white? Wrong or right? Don't rush to take sides on complex issues such as Israel-Hamas conflict
While responses to the Israel-Hamas conflict have been bitterly divided, they showcase a common phenomenon of people viewing complex situations in black-and-white terms. But how did we get here? ONCE UPON A TIME… As children, we heard bedtime stories with calming narratives of ‘good’ vs ‘bad’, and clear signposting for which side to celebrate. Fables and folklore were crafted and circulated to reassuringly convey conventional values like filial piety and general good behaviour.
Normative reference values, determinants and regression equations for the incremental shuttle walk test (ISWT) in healthy Asian population aged 21 to 80 years (pdf) | Paperity
PLOS ONE, Sep 2023 Background The validated Incremental Shuttle Walk Test (ISWT) is widely used for evaluating maximal exercise capacity, with the distance-walked (IWSD) as the primary outcome. However, there are no normative reference values (NRV) and reference equations to predict ISWD for the Singaporean population. Objectives This study aims to establish the NRV and reference equations for ISWD in healthy Singaporeans aged 21 to 80 and investigate the determining variables during ISWT.
Normative reference values, determinants and regression equations for the incremental shuttle walk test (ISWT) in healthy Asian population aged 21 to 80 years
Loading metrics Open Access Peer-reviewed Research Article Citation: Azman MZB, Huang KS, Koh WJ, Leong SS, Ong B, Soon JL, et al. (2023) Normative reference values, determinants and regression equations for the incremental shuttle walk test (ISWT) in healthy Asian population aged 21 to 80 years. PLoS ONE 18(9): e0291132.
COVID-19 Severity and Waning Immunity After up to 4 mRNA Vaccine Doses in 73 608 Patients With Cancer and 621 475 Matched Controls in Singapore: A Nationwide Cohort Study | Global Health | JAMA Oncology | JAMA Network
Key Points Question How effective is COVID-19 vaccination in patients with cancer in protecting against severe disease and does protection wane over time? Findings In this nationwide cohort study including 73 608 patients with cancer and 621 475 matched controls, third and fourth vaccine doses were associated with incremental protection in both groups. No significant decrease in protection against severe disease was observed 5 months after the third and fourth vaccine dose.
BNT162b2 vaccine protection against omicron and effect of previous infection variant and vaccination sequence among children and adolescents in Singapore: a population-based cohort study
Summary Background Information on variant-specific vaccine protection and the effect of previous infection variant is scarce in children. We aimed to ascertain the level of protection conferred by BNT162b2 COVID-19 vaccination against omicron variant infection (BA.4 or BA.5, and XBB) in a previously infected national paediatric cohort. We also explored the association between sequence of previous infection (variant) and vaccination on protection.
Comparative effectiveness of 3 or 4 doses of mRNA and inactivated whole-virus vaccines against COVID-19 infection, hospitalization and severe outcomes among elderly in Singapore
Keywords COVID-19 SARS-CoV-2 Vaccines mRNA vaccine Inactivated vaccine Previous studies have found that two doses of inactivated whole-virus vaccines elicited lower antibody titers and conferred less protection against SARS-CoV-2 infection than two doses of mRNA vaccines., 2 Premikha M. Chiew C.J. Wei W.E. et al. Comparative effectiveness of mRNA and inactivated whole virus vaccines against COVID-19 infection and severe disease in Singapore.
Effectiveness of a Fourth Dose of COVID-19 mRNA Vaccine Against Omicron Variant Among Elderly People in Singapore
Letters13 September 2022 Author, Article, and Disclosure Information Background: The Omicron (B.1.1.529) variant of SARS-CoV-2 and reports of waning immunity after the first vaccine booster dose (1) have prompted numerous countries to recommend a fourth dose for individuals at higher risk for severe disease.
Effectiveness of BNT162b2 Vaccine against Omicron in Children 5 to 11 Years of Age
Our estimates of the effectiveness of two doses of the BNT162b2 vaccine against all SARS-CoV-2 infections of 36.8% (95% CI, 35.3 to 38.2) and against PCR-confirmed SARS-CoV-2 infections of 65.3% (95% CI, 62.0 to 68.3) among children 5 to 11 years of age during the omicron wave are lower than those in previous studies that were conducted when other variants were predominant.7,11 A vaccine efficacy of 90.7% (95% CI, 67.7 to 98.3) was reported in a phase 2–3 clinical trial involving 2268...
Chief economist: Is this a buy op?
'War in Ukraine wipes $73b from sharemarket': According to the Australian Financial Review that's how much Australia's sharemarket lost upon hearing the news that Russia has invaded Ukraine. Both the benchmark S&P/ASX200 index and the All Ordinaries index plunged by 3.0% on the day with FactSet reporting that, "Selling was indiscriminate with 11 stocks declining per advancer". This is understandable given the uncertainty Russia's invasion creates for investors everywhere.
War, huh, yeah What is it good for? Absolutely nothing, uhh -Edwin Starr "Crude soars, and stocks and crypto bomb lower, as fears of a Russia-Ukraine war consume global markets" - Fortune.com (22 February 2022) "The Dow Falls Just Short of a Correction. Could the Russia Effect Be Tightening Its Grip?" - Barrons.com (23 February 2022) "Equities tumble and U.S. dollar rises as Russia/ Ukraine fears escalate" Reuters (23 February 2022) "Stocks Extend Losses as U.S. Adds Russia Sanction ...
Chief economist: Thank you, Putin
War, huh, yeah What is it good for? Absolutely nothing, uhh - Edwin Starr "Crude soars, and stocks and crypto bomb lower, as fears of a Russia-Ukraine war consume global markets" - Fortune.com (22 February 2022) "The Dow Falls Just Short of a Correction. Could the Russia Effect Be Tightening Its Grip?" - Barrons.com (23 February 2022) "Equities tumble and US dollar rises as Russia/ Ukraine fears escalate" Reuters (23 February 2022) "Stocks Extend Losses as US Adds Russia Sanction ...
Association of Homologous and Heterologous Vaccine Boosters With COVID-19 Incidence and Severity in Singapore
Reports of waning antibody levels and breakthrough infections among vaccinated individuals1 have prompted the recommendation for vaccine boosters to prevent SARS-CoV-2 infections. Despite more than 80% of the population in Singapore having received 2 doses of a COVID-19 vaccine, cases surged in September 2021 with the relaxation of social distancing and quarantine measures.
Water, water everywhere but nothing to drink
Another two covid years over, a new one's just begun. Although still not proved beyond the shadow of a doubt, since the first bat flapped its covid wings in Wuhan (China), it has gone through several mutations - most notably, Alpha, Delta and now Omicron - each bringing fresh challenges and fiscal and monetary and social responses. The year 2020 brought lockdowns and social restrictions that, in turn, sent many (if not most) global economies into a deep recession.
Economic recap: Week to December 10
Omicron, Inflation, China As it was in 2020, so it is in 2021. Yes Virginia, I don't believe it too until ... I re-read my first scribbles on this site at the beginning of 2021.
Economic recap: Week to December 3
Australians all, let us rejoice... for despite the Delta-induced lockdowns in the September quarter, the domestic economy shrank by much less than most of us were expecting. The Australian Bureau of Statistics' (ABS) National Accounts report shows that GDP declined by 1.9% in the three months to September 2021.
Economic recap: Week to November 26
Out of (South) Africa Just when citizens of Planet Earth were beginning to enjoy their new-found freedom - through herd immunity, increased vaccinations and/or learning to live with Delta - comes a new kid in town. And it's name is Omicron. The discovery of this coronavirus variant - first detected in South Africa - pushed back financial markets' interest rate hike expectations that were brought forward only a few days before.
Economic recap: Week to November 19
Not taking a hike "It's not time to make a change Just relax, take it easy..." -Cat Stevens, Father and Son The curse du jour that is rising inflation has raised volatility in the bond and equity markets by virtue of the anticipated central bank policy responses to keep the tide of rising prices at bay.
Economic recap: Week to November 12
Pushed or jumped? Did the Reserve Bank of Australia (RBA) jump or was pushed by the bond market to scrap its target to keep the April 2024 Australian government bond yield at 10 basis points. The answer to this question becomes important because it would dictate future RBA actions - whether it would succumb to bond market bullying or conduct monetary policy as it sees appropriate given current and expected economic and inflation considerations.
Economic recap: Week to November 5
Not so fast The rise and rise of measured inflation across the globe has had financial markets bring forward rate hike expectations, and for good reasons. The Reserve Bank of New Zealand (RBNZ) started proceedings at its 6 October meeting when it doubled the official cash rate from 0.25% to 0.5% -- the first rate hike since June 2014 - in order to "maintain low inflation and support maximum sustainable employment".
Economic recap: Week to October 29
By most accounts, Jacinda Ardern's island has succeeded in combatting the coronavirus pandemic. As at October 26, worldometer.com data showed that New Zealand ranked among one of the countries in the world with the lowest case of COVID-19 infections (183 out of 223 countries) and deaths (198 out of 223). But before you cry fake news - because New Zealand has a small population - the country's infection and death rates per a million heads also tell the same story.
Economic recap: Week to October 22
It wasn't so long ago - before the COVID-19 pandemic struck to be precise - that every other central bank around the planet were hopin' and wishin' and prayin' for consumer price inflation to, at the very least, move higher to within their expressed targets. These targets were generally in the vicinity of around 2% -- the rate at which the world's monetary and fiscal masters consider stable inflation. They are correct of course.
Economic recap: Week to October 15
"...participants generally assessed that, provided that the economic recovery remained broadly on track, a gradual tapering process that concluded around the middle of next year would likely be appropriate.
Economic recap: Week to October 8
Combine economic stagnation and rising inflation and what do we get? We get stagflation -- the financial markets' fear du'jour. It had been nearly half a century ago when the global economy have had its last encounter with stagflation. he first episode came in the mid-1970s. US CPI inflation surged from a low of 2.95% in August 1972 to 12.1% by December 1974 while the US economy stagnated, with annual GDP growth collapsing from 7.6% in 1973 to negative 2.3% by 1975.
The new law on foreign interference - what's next for businesses?
The new law on foreign interference - what's next for businesses?, Opinion - THE BUSINESS TIMES
Economic recap: Week to October 1
The COVID-19 pandemic - and the freezing of nearly all economic activity it brought about -- was godsend to climate change activists. Recall those pictures of those bright, bright, sun-shiny days underscored by a CNN article (published last year) that for the first time in 30 years, northern Indians were able to see the peak of the Himalayas.
Economic recap: Week to September 24
Taper is no longer a dirty word Financial markets have been on edge ever since they got the first whiff of "taper" in the air. This started when the minutes of the US Federal Reserve's April 27-28 FOMC meeting revealed that, "A number of participants suggested that if the economy continued to make rapid progress toward the committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases".
FICA: What checks & balances are needed against powers being used inappropriately?
COMMENTARY: "The key question is not whether the state should have powers to take countermeasures, but rather whether there are adequate checks against the risk of those powers being inappropriately used." About the authors: Eugene K B Tan is an Associate Professor of Law at the Singapore Management University (SMU). Benjamin Joshua Ong is an Assistant Professor of Law at SMU.
Economic recap: Week to September 17
Great Leap backward? Remember those Mao Zedong suits? The sartorial fashion that every man, woman and child in China wore (or were required to wear?) during Chinese chairman Mao's "Cultural Revolution" of 1966-1976? Those "uniforms" that comes in grey, navy blue or khaki? My Chinese father had three of them. He bought my brother and I tiny versions of those suits with the matching cloth "Mao cap" included.
Economic recap: Week to September 10
The Reserve Bank of Australia (RBA) is concerned but not alarmed at the growing cases of Delta variant infections that's wreaking havoc on the lives and livelihood in Australia's two biggest states - New South Wales (NSW) and Victoria (VIC).
Economic recap: week to September 3
Prelude to a contraction The Australian Bureau of Statistics (ABS) released its "National Accounts" report for the June 2021 quarter, and it was good ... nay it was great! The report showed the economy grew by a better-than-expected 0.7% in the second quarter of the year, taking Australia's annual GDP growth rate up, up (and away) to 9.6% -- the highest year-on-year growth rate on record (1960s is all I have).
Economic recap: week to August 27
All talk and still no taper (yet) Along with the declaration of "mission accomplished" in the planet's war against the covid-19 pandemic, the Fed's annual Kansas City Fed's Jackson Hole symposium is the most widely anticipated event of this year. The mountain resort in Wyoming had, after all, been the staging ground for some momentuous monetary policy shifts by the US Federal Reserve.
Economic recap: Week to August 20
The continued spread of the Delta variant in most parts of the world - even in New Zealand despite being locked down after only one case - and reduced vaccine efficacy - as demonstrated by the rise in infections in Israel (one of the very first country on Planet Earth to fully vaccinate its citizens) - remained the fear du jour for financial markets everywhere. In a sentence: Increased infections lead to lockdowns lead to reduced social and business activity lead to weaker economic growth.
Economic recap: Week to August 13
The Delta variant and its seeming immunity to lockdowns and extended lockdowns continue to dominate attention in Australia. Last week, the state of New South Wales (NSW) announced stricter and broader (into regions) of restrictions; the Australian Capital Territory (ACT) locked down after registering its first cases of infections in more than a hundred days, and; the extended lockdown in Victoria's (VIC) is expected to be extended anew.
Economic recap: Week to August 6
At the conclusion of its August board meeting, the Reserve Bank of Australia (RBA) announced its decision to: maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances of 0% maintain the target of 10 basis points for the April 2024 Australian government bond continue to purchase government securities at the rate of $5 billion a week until early September and then $4 billion a week until at least mid November.
Economic recap: week to July 30
The Delta variant outbreak continues to dominate headlines in Australia. Cases of infections in the states of Victoria and South Australia were brought under control and restrictions eased. However, the outbreak in Greater Sydney continued to worsened, prompting the extension of the lockdown in the state by another four weeks.
Economic recap: Week to July 23
The Delta variant outbreak remained the focus of attention in Australia. The daily case of infections in Greater Sydney surged to 136 on Friday (July 23) - the highest number since the this year's outbreak - prompting the NSW premier Gladys Berejiklian to announce the extension and expansion of the lockdown. Across the border, declining rates of infections in Victoria and South Australia lifted hopes that restrictions would be eased as soon as this week.
Economic recap: Week to July 16
The Delta variant that's doing the rounds in Greater Sydney crossed the Victorian border last week - prompting a five-day lockdown in the state at about the same time that NSW imposed tighter restrictions. Previous to this and conducted "through the period of rising cases in NSW and the early part of the subsequent lockdowns both there and in other states", the latest NAB business survey revealed both conditions and confidence taking a hit.
Economic recap: week to July 9
At its 6 July Board meeting, the Reserve Bank of Australia kept the cash rate unchanged at 0.1% and retained the April 2024 bond as "the bond for the yield target," - against a few speculation that it would roll this over to the November 2024 bond -- while at the same time scaling back its current A$5 billion weekly bond purchase program to A$4 billion a week until at least mid-November this year.
Economic recap: Week to July 2
Australian economic and survey releases over the past week continued to paint a picture of a strengthening recovery. However, the rosy results preceded the outbreak of the Delta variant that prompted lockdowns and/or tightened restrictions in major cities and select localities in the country, as well as border closures among states. Total private sector credit growth accelerated to 1.9% in the year to May from 1.3% in the previous month.
Chief economist update: Local and foreign love affair with Australian property
The Foreign Investment Review Board's (FIRB) 2019-20 annual report shows that just like Australians, foreigners are also in love with our local property market. The FIRB approved a total of 7496 applications for the purchase of commercial and residential properties in 2019-20 - down 6.3% from the previous fiscal year - undoubtedly impacted by the closure of Australia's international borders.
Local ad foreign love affair with Australian property
The Foreign Investment Review Board's (FIRB) 2019-20 annual report shows that just like Australians, foreigners are also in love with Australian property. The FIRB approved a total of 7,496 applications for the purchase of commercial and residential properties in 2019-20 - down 6.3% from the previous fiscal year - undoubtedly impacted by the closure of Australia's international borders.
Chief economist update: Delta variant infects Australian economy
"They gathered for the feast They stab it with their steely knives, But they just can't kill the beast." - The Eagles, 'Hotel California' Only a few days after the Reserve Bank of Australia (RBA) kept monetary policy settings unchanged and repeated its assurance that interest rates will remain at the record low 0.1% "until 2024 at the earliest", three of Australia's 'Big Four' banks released forecasts that are at odds with the central bank.
Chief economist update: Japan still waiting for the sun to rise
The upward revision to Japan's March quarter GDP growth - to an annualised rate of 3.9% (from the preliminary estimate of 5.1%) - provides cold comfort to an economy that remains stuck in a rut and continues to reel from the coronavirus pandemic.
Chief economist update: UK not there yet
Financial markets widely expected the Bank of England's (BOE) decision to keep current monetary policy settings unchanged at its June monetary policy committee meeting. "The MPC voted unanimously to maintain Bank Rate at 0.1% ... and to maintain the stock of sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves, at £20 billion. The Committee voted by a majority of 8-1 ...
The UK is not there yet
Financial markets widely expected the Bank of England's (BOE) decision to keep current monetary policy settings unchanged at its June monetary policy committee meeting. "The MPC voted unanimously to maintain Bank Rate at 0.1% ... and to maintain the stock of sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves, at £20 billion. The Committee voted by a majority of 8-1 ...
Chief economist update: Thank you, my frenemy
China's still not taking calls from Canberra and has severed diplomatic contact under the China-Australia Strategic Economic Dialogue and the rhetoric, threats and/or measures limiting/banning imports of Australian products into its shores remain in place. But looking at Australia's trade stats, one would be forgiven for believing that Beijing and Canberra have kissed and made up and let bygones be bygones.
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