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NEWS UPDATES Asean Affairs   8  December 2010

Singapore's 2011 growth slows

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Singapore, one of the world's fastest growing economies this year, will likely lose some steam and grow at a moderate rate of 5.1 percent next year, said a survey conducted by the Monetary Authority of Singapore (MAS).

The survey, based on forecasts of 22 economists and analysts, showed that gross domestic product (GDP) was likely to expand this year by a record 15 per cent year-on-year, up from a forecast of 14.9 per cent in the same survey conducted in September.

Still inflation, as measured by the consumer price index, was expected to continue its rise hitting 2.9 percent in 2011, up from a forecast of 2.8 percent for 2010, the survey showed.

The survey did not say why the growth rate was expected to moderate in 2011, but the forecasts were in line with those released in November by the Ministry of Trade and Industry (MTI).

MTI had said it expected 2010 GDP growth at around 15 per cent, powered by recovering biomedical manufacturing and financial services, and as well as the two new integrated resorts, which opened their doors this year.

MTI saw the economy growing between four and six per cent in 2011, driven by a robust services sector.

The MAS survey showed non-oil domestic exports growing at 12 per cent next year, compared with 24 per cent this year.

Unemployment was seen falling to 2.0 per cent, from 2.1 per cent in 2010.

The Singapore dollar was forecast to appreciate to 1.24 against the US dollar by end-2011, from an expected 1.29 at the end of 2010.

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