Singapore economy expected to grow 9% this year

Private sector economists in Singapore expect the country’s economy to grow by 9 percent this year, according to a survey released on Wednesday.

This is an upgrade from their previous expectations for a 6.5 percent growth made just three months ago in March, according to those polled by the Monetary Authority of Singapore quoted by local TV broadcaster Channel NewsAsia.

The 9 percent forecast is at the upper end of the government’s official forecast for 7 to 9 percent growth.

Looking at the various sectors, economists expect double-digit expansion for the manufacturing, construction and wholesale and retail trade sectors, though financial services is expected to grow as well.

With higher growth, analysts also expect consumer prices to creep up. Their median inflation forecast for the full year climbed marginally from 2.7 percent to 2.8 percent, with second quarter inflation expected at 3.2 percent.

And for next year, economists expect economic growth to reach average 5.5 percent.

Xinhua

Tags: Singapore economy