Singapore’s economy grew 14.7% in Y 2010 probably the World’s fastest growth rate for Y 2010.

Singapore’s economy grew 12.5% in Q-4 of Y 2010 from a year earlier and the entire year’s gross domestic product (GDP) growth was + 14.7%, Prime Minister Lee Hsien Loong said Friday.
In his speech to the nation on the New Year eve, Lee said the economic growth was expected to slow to 4 to 6% in Y 2011, a range he said is “commendable”.

The full year GDP growth figure was slightly below a median forecast of 14.9% by a group of analysts, but was at the upper end of an official forecast range of 13-15%.

Economists say this is the probably the World’s fastest growth rate for Y 2010.
Singapore’s economy, which suffered a contraction in Y 2009, rebounded this year because of Strong manufacturing growth, resilient exports and stellar performance in tourism-related sectors, bolstered by 2 new casino resorts.

Lee, the 3rd Prime Minister of the modern city-state in 50 yrs, is cautious about the state of the Global economy due to a weak US economy and debt crises in parts of Europe, but added Asian growth momentum is running Strong. “Hopefully Asia will continue to do well despite the weakness in developed countries, and create a favorable regional environment for Singapore,” he said.

The Ministry of Trade and Industry will release advance GDP estimates for Q-4 and full Y 2010 on Monday. Lee did not provide figures for Q on Q growth.—Paul A. Ebeling, Jnr.

Posted by Shayne Heffernan on Jan 3rd, 2011and filed underLatest News.You can follow any responses to this entry through theRSS 2.0You can leave a response by filling following comment form or trackback to this entry from your site