Economists expect Singapore economy to shrink 6.5% this year
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Economists expect Singapore economy to shrink 6.5% this year
10 June 2009
SINGAPORE - Economists polled by the Monetary Authority of Singapore (MAS) now expect the domestic economy to shrink 6.5 per cent this year.
This is worse than the 4.9 per cent contraction predicted in the previous survey in March. But the headline number is still at the more optimistic end of the government's forecast of a 6-9 per cent contraction.
The 19 economists and analysts who took part in the latest quarterly survey also expect a jobless rate of 4.2 per cent by the end of the year, according to the survey released on Wednesday. This is slightly better than the 4.4 per cent forecast in March.
The survey also expects the consumer price index for 2009 to fall 0.5 per cent, compared with expectations for a 0.2 per cent rise reported in the March survey.
On the Singapore dollar, the economists expect the US dollar to fetch S$1.466 at the end of the year, compared with S$1.560 forecast in the previous survey.
The private-sector revision of the 2009 GDP outlook comes after the Singapore economy shrank by a sharper-than-expected 10.1 per cent in the first quarter of this year.
The survey also shows that apart from the construction industry, all key sectors of the economy will likely register negative growth this year.
But the economy is expected to rebound next year.
Preliminary predictions by the economists for 2010 are for the GDP to grow 4.2 per cent, higher than the 3.3 per cent prognosis made in the March survey. -
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I thought 1 quarter Singapore's GDP already shrunk 14.6%?
And they expect recovery this year?
http://www.singstat.gov.sg/news/news/gdp1q2009.pdf
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Originally posted by deepak.c:
I thought 1 quarter Singapore's GDP already shrunk 14.6%?
And they expect recovery this year?
http://www.singstat.gov.sg/news/news/gdp1q2009.pdf
You have made a mistake in your reading.
The report says that Singapore economy is expected to grow at 4.2% in 2010.
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Originally posted by Lee012lee:
You have made a mistake in your reading.
The report says that Singapore economy is expected to grow at 4.2% in 2010.
The add 10% for each casino?
