19 May '11, 9pm

S'pore raises 2011 growth forecast 22.5% from the previous quarter.

Singapore - Less than a month after it warned of dark clouds looming in the external environment, the Government yesterday revised upwards its outlook for the Singapore economy, forecasting growth of 5 to 7 per cent this year, up a full percentage point from its previous forecast of 4 to 6 per cent. Mr Kwek Mean Luck, Deputy Secretary (Industry) at the Ministry of Trade and Industry (MTI), said that, with the manufacturing sector rebounding by 75 per cent on a sequential quarterly basis and the better-than-expected overall first-quarter numbers, 2011 is enjoying a "firm start" and "the economy is on track to deliver higher growth this year compared to what we earlier anticipated". Analysts said the upward revision was expected after the MTI released stellar growth rates last month of 23.5 per cent and 8.5 per cent, respectively, on a quarterly and year-on-year basis in its...

Full article: http://www.todayonline.com/Business/EDC110520-0000254/Spo...

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