Prime Minister Lee Hsien Loong, commenting on Singapore's latest GDP growth estimates and its 2010 outlook, said the country is on a "firm path" towards a record year. Earlier Wednesday the Ministry of Trade and Industry (MTI) upgraded Singapore's 2010 GDP growth forecast to a blistering 13 to 15 percent, outstripping estimates for China. The revision followed the 16.9 percent year-on-year GDP growth in...
Singapore Economy
For the first time in decades, Singapore economy has topped Hong Kong's and the United States' in the World Competitiveness Yearbook rankings. This is according to Swiss business school IMD. It said Singapore has displayed great resilience through the financial crisis despite suffering high levels of volatility in their economic performance. And it is now taking full advantage of the strong expansion in...
Prime Minister Lee Hsien Loong says Singapore's economy has made a remarkable recovery from a year ago. He was reacting to Singapore's strong economic performance for the first quarter of the year. Speaking to the Singapore media in Washington DC, Mr Lee said he does not believe the strong growth will continue indefinitely because it is just not possible. However, he said Singapore should make the most...
Singapore's GDP expanded strongly by 13.1 percent on a year-on-year basis in the first quarter of 2010. It grew by 32.1 percent on a seasonally-adjusted quarter-on-quarter annualised basis. In advance estimates released on Wednesday, the Ministry of Trade and Industry (MTI) said it expects the Singapore economy to grow by 7.0 to 9.0 percent in 2010. MTI said growth was led by the manufacturing sector,...
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...
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 has regained its ranking as the most globalised economy in 2009, beating economic giants such as the United States, China and Japan. This is based on the latest Globalisation Index, compiled by Ernst & Young and the Economist Intelligence Unit. The study covered 60 of the world's largest countries and had polled 520 senior business executives, with in-depth interviews conducted with 30...
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 achieved 3.5 per cent growth in the fourth quarter of 2009 - after negative growth in the first and second quarters, and 0.6 per cent growth in the third quarter. But for the whole year, growth is still negative at minus 2.1 per cent. The Trade and Industry Ministry had forecast GDP growth for 2009 at minus 2.5 per cent to minus 2.0 per cent. Charting out the goals for 2010 in his New Year...
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...