Bullishness due to economy 'firing on all cylinders in Q1' Ahead of next week's release of flash estimates of the first quarter's GDP growth, a bit of exuberance seems to have swept over some forecasters, with talk now of 2010 growth exceeding 8 per cent. DBS Bank economist Irvin Seah yesterday raised his forecast of Singapore's 2010 gross domestic product growth by one point to 7 per cent on account of...
Singapore Economy Outlook
Economists have upped their growth outlook for Singapore as the city-state's key industries continue to rebound from last year's recession, according to a central bank poll. The Monetary Authority of Singapore's survey of 20 private-sector economists showed they see average growth of 6.5 per cent this year, higher than the previous forecast of 5.5 per cent in December. They also raised their outlook for...
Singapore's gross domestic product climbed by 3.5 per cent in the fourth quarter of 2009, but growth for the full year is still negative at minus 2.1 per cent. In his New Year message, Singapore Prime Minister Lee Hsien Loong said that next year could see 3 to 5 per cent growth. And observers believe this could result in a move away from manufacturing as the key driver of Singapore's economy. After a...
Singapore's economy is expected to revert to positive growth next year, thanks to the global recovery. According to some economists, growth could even surpass the government's estimates for 2010. They are looking at GDP growth of more than 5 per cent, compared to the government's current forecast of a 3 to 5 per cent growth. This follows 2009's roller coaster ride, where the economy took a beating in the...
Private sector economists have further upgraded their outlook on the Singapore economy, and now expect GDP to contract by 2 per cent this year. In the previous survey of professional forecasters conducted by the Monetary Authority of Singapore (MAS) in September, economists had a median forecast of a 3.6 per cent decline in GDP for the whole of 2009. For the fourth quarter, the 20 economists who...
Economists from OCBC Bank expect Singapore's economic growth momentum to be sustained for 2010. OCBC said the economy is expected to grow 4 per cent in 2010 - at the mid point of the government's official forecast of 3-5 per cent expansion. However, concerns are mounting about asset bubbles and rising inflation. The problems currently facing Dubai World have been isolated so far. But observers expect...
Singapore's economic growth for next year could be as high as six per cent, say some industry experts. They say the three per cent outlook given by Minister Mentor Lee Kuan Yew on Sunday may be on the cautious side, but it is still news they welcome as this means better times are ahead - more so in industries such as the finance sector. "There will be a pay revision. Estimates in general range from about...
Singapore Minister Mentor Lee Kuan Yew on Sunday said the country's economy may grow by three per cent next year, and added that this year's fourth quarter looks healthy after Singapore's economy bounced back in the second and third quarters. Speaking at the annual tree planting ceremony at his constituency of Tanjong Pagar, Mr Lee said Singapore has emerged out of the recession with minimum damage. He...
Prime Minister Lee Hsien Loong said on Tuesday he does not expect another dip in Singapore's economy. Mr Lee was giving his assessment on the global economic outlook ahead of the Asia Pacific Economic Cooperation (APEC) meetings, which will take place in Singapore. The prime minister noted that most countries are out of the "trough of spasm" that was experienced at the start of the year, and said...
Singapore said Tuesday its economy grew for the first time in a year in the second quarter, led by biomedicals and electronics, suggesting the city was emerging from its worst ever recession. The economy soared 20.4 per cent in the three months to June compared with the first quarter on a seasonally adjusted annualised basis, the Ministry of Trade and Industry said, while raising its forecast for 2009. A...