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MTI Revises 2011 Growth Forecast from 5.0 to 7.0 Percent

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Thursday, 16 June 2011 01:49

The Ministry of Trade and Industry (MTI) announced on 19 May 2011 that it expects Singapore’s economy to grow by 5.0 to 7.0 percent in 2011.

The Singapore economy grew by 8.3 per cent on a year-on-year basis in the first quarter of 2011 compared to the growth of 12.0 per cent in the preceding quarter. On a seasonally-adjusted quarter-on-quarter annualized basis, the economy expanded by 22.5 per cent, s strong improvement from the growth of 3.9 per cent in the preceding quarter. The increase in economic activity in the first quarter was broad-based, with growth led by the manufacturing sector.

The near-term external environment is expected to be conducive to Singapore’s growth for the rest of 2011. The advanced economies remain on a path of modest recovery. US is supported by gradual improvements in the labour market, improving sales and healthy corporate balance sheets. Growth in the EU will be supported by rising exports and modest recovery in household and business spending. In emerging Asia, growth is expected to remain healthy in view of the continued improvements in domestic demand.