Growth forecast up to 9%
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Growth forecast up to 9%
Optimism stems from manufacturing boom, despite Europe woes
Even without the upbeat April data, the 19 private sector economists polled in the MAS survey had, on average, expected the economy to grow by 9.4 per cent in the second quarter, up from the 6.3 per cent they predicted in the previous survey. -- BT PHOTO: ARTHUR LEE
EUROPE'S debt crisis may be roiling global markets, but economists are still expecting Singapore's growth this year to come in at the top end of the Government's forecast - or even higher.
They predict the economy will expand 9 per cent this year, a significant hike over their median forecast of 6.5 per cent growth three months ago, according to a Monetary Authority of Singapore (MAS) poll released yesterday.
A number of economists have even bumped up their growth forecasts for this year to over 10 per cent, outstripping the Government's official forecast of 7 per cent to 9 per cent growth.
The reason: an unexpectedly strong boom in manufacturing and exports. This has given the economy such a stellar start this year that even a slowdown in the second half is unlikely to stop Singapore's growth from hitting the double digits for the full year, they said.
'The simple mathematics of the numbers suggests that it's quite tough to fall below 10 per cent growth for this year,' said CIMB-GK economist Song Seng Wun, who weighs in at the most optimistic end of the spectrum with a growth tip of 12 per cent.
Singapore's economy logged record economic growth of 15.5 per cent in the first quarter and saw a 51 per cent jump in manufacturing output in April, the biggest increase on record.
Read the full story in Thursday's edition of The Straits Times.
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Sure they will pay themselves increment with this sort of forecast on hand 9%. Survey by MAS, look who is in charge of MAS, it is none other than the pee M famiLEE hsien loong. All is looking for , all set to justfiy for pay increment. He and papa got the highest score in the report from Town Council.
Hahaha, all these reports all from kah kee lang, kelong kelong also possible . hahaha
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they have to improve the figures to justify any further raise in salary for themselves.
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Originally posted by Clivebenss:
they have to improve the figures to justify any further raise in salary for themselves.
PreciselyGreat "artists" painting beautiful pictures.