Economists raise 2010 growth outlook for Singapore to 6.5%

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 the island-state’s major industries including manufacturing, which is now predicted to expand an annual 9.7 per cent from the previous forecast of 6.3 per cent.

Wholesale and retail trade is seen growing 8.4 per cent instead of 7.0 per cent while construction is tipped to expand 8.9 per cent, from a previous projection of 7.1 per cent.

The government in February upgraded its 2010 economic growth outlook to 4.5-6.5 per cent from 3.0-5.0 per cent. Singapore’s economy contracted 2.0 per cent last year due to the global economic downturn.

Source : Channel NewsAsia – 10 Mar 2010