Economy

Singapore economy set to grow by 5.7%

PTI Singapore | Updated on March 09, 2011

Singapore’s economy is set to expand by 5.7 per cent this year, according to private sector economists polled by the city state’s central bank in a new survey released today.

The new 5.7 per cent forecast comes at the top end of the official economic expansion forecast of between 4 per cent and 6 per cent and an upgrade from the 5.1 per cent median forecast in the previous survey released in December.

The Monetary Authority of Singapore’s (MAS) latest survey of professional forecasters shows strong 5.9 per cent growth in the Gross Domestic Product in the first quarter of this year.

However, the economists have sounded caution that the consumer price index-based inflation could be as high as 4 per cent this year, compared with the 2.9 per cent forecast in the previous survey.

Last month, the official inflation rate was revised to between 3 per cent and 4 per cent from 2 per cent to 3 per cent, with the government anticipating a further increase in the inflation rate to between 5 per cent and 6 per cent.

Inflation is likely to stand at 5.4 per cent in the first quarter, according to a report by TV channel News Asia today.

The private sector economists forecast 6 per cent economic growth and an inflation rate of 2.8 per cent for next year.

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Published on March 09, 2011
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