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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 on Wednesday. The new 5.7 per cent forecast comes at the top end of the official economic expansion forecast of between four per cent and six 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 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 consumer price index-based inflation could be as high as four per cent this year, compared to the 2.9 per cent forecast in the previous survey. Inflation is likely to stand at 5.4 per cent in the first quarter, according to a report by TV channel, News Asia, on Wednesday.
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