Singapore benefits from rise in demand
By Alex Kennedy |
December 10, 2009, Thursday
|
Print Edition
Print Edition
SINGAPORE'S economy will rebound from recession next year as improving global demand for the city-state's exports fuels a pickup in manufacturing, according to a central bank survey of analysts.
The country's gross domestic product will likely grow 5.5 percent next year, according to the median forecast of 20 economists in the quarterly survey, the Monetary Authority of Singapore said yesterday.
In the September survey, analysts had expected the economy would grow 4.5 percent next year. They also raised their forecasts for this year, now expecting a contraction of 2 percent compared to a 3.6 percent contraction.
Singapore's GDP will likely reach its pre-recession level in the second quarter of next year - eight quarters after the recession began - while it has usually taken the economy about six quarters to fully recover from earlier slumps.
The country's gross domestic product will likely grow 5.5 percent next year, according to the median forecast of 20 economists in the quarterly survey, the Monetary Authority of Singapore said yesterday.
In the September survey, analysts had expected the economy would grow 4.5 percent next year. They also raised their forecasts for this year, now expecting a contraction of 2 percent compared to a 3.6 percent contraction.
Singapore's GDP will likely reach its pre-recession level in the second quarter of next year - eight quarters after the recession began - while it has usually taken the economy about six quarters to fully recover from earlier slumps.
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