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...
Singapore Economy
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 is the most integrated of the 21 economies which make up the Asia Pacific Economic Cooperation (APEC), according to an index released by the Pacific Economic Cooperation Council (PECC) on Wednesday as part of its annual State of the Region report. In fact, the Asia Pacific region, as a whole, has become more integrated since APEC was founded 20 years ago. The PECC index of economic integration...
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...
Q2 flash estimates today may finally buck the trend in on-quarter terms After months in the red, economies across Asia are expected to report positive GDP numbers for the April-June quarter, starting with Singapore today. Singapore's Ministry of Trade and Industry is due to release early this morning flash estimates of the economy's Q2 gross domestic product (GDP) growth, which economists widely expect...
Most economists expect Singapore to achieve a double-digit economic growth for the second quarter of 2009. This could range between 12 and 23 per cent on a seasonally-adjusted, quarter-on-quarter basis. They attribute the forecast to better industrial production and external trade numbers over the past months. In addition, observers said the financial services sector, stock market and property sector...
Singapore may have seen the worst of the economic slowdown and some economists believe the country's economy could see mild recovery in the current quarter. This comes after Prime Minister Lee Hsien Loong warned of a prolonged downturn and a tough year ahead in his May Day rally message last week. Mr Lee said the optimistic scenario is for a U-shaped recovery, not a V-shaped one. He also cautioned that...