19 May '11, 12am

[CNA] Singapore's economy expected to grow by 5-7% for 2011

SINGAPORE: Singapore economy is expected to grow by 5 to 7 percent for the full year, an upward revision from previous forecast of 4 to 6 percent. The official forecast by the Ministry of Trade and Industry or MTI came as the short-term external environment is expected to be favourable to the country's growth for the rest of the year. MTI says this is because the advanced economies remain on a path of modest recovery. Specifically, in the US, household consumption will be supported by improvements in the labour market, while in the EU, growth will be supported by rising exports and in emerging Asia, growth is also expected to remain healthy. MTI adds that there are also industry-specific factors supporting growth in the Singapore economy. Particularly, growth in the manufacturing sector, which will be boosted by new plant operations in the chemicals cluster. However, MTI a...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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