Singapore Economy begins to squirm
Economy March 9th, 2010
Prime Minister Lee Hsien Loong said Singapore’s economy started to squirm after having contractions for the first time in 2001.
In yesterday’s New Year message, Lee said the gross domestic product fell 2.1% in 2009. Achievement is in line with government estimates of the contraction of 2% -2.5%. Ministry of trade expansion projected 3% -5% in 2010. This figure is again mentioned by Lee.
“Our economy is growing again, and rose from the recession that hit since 2008. The global economy is beginning to stabilize. U.S., Japan, and Europe is also growing again although there are still problems,” he said.
Singapore along with other Asian countries out of the global slump last year after the regional government stimulus flushing almost Rp1 trillion. Even so, demand for domestic products is still weak as Stats Chippac Ltd..
Lee said the economy grew 3.5% in the IV quarter of the previous year. That figure is still below the median estimate of nine economists by 3.8%.
While eight other analysts predict annual GDP contraction of 2.1% in the IV quarter of the previous quarter. Ministry of Trade will launch this data on January 4.
Economist CIMB-GK Securities Pte Song Seng Wun said the Lee-economic project in the Southeast Asian country could be shrunk to 5% in the IV quarter of the previous three months.
Singapore’s economy experienced a contraction in the 12 months to March as the deterioration of global recession.
