Singapore is on pace to be among the world’s fastest-growing economies this year, after a spurt in the first half prompted the government to project an expansion of as much as 15 percent for 2010. The new forecast, issued by the Ministry of Trade and Industry, is much higher than its earlier estimates of 7 to 9 percent growth and highlights the speed with which many parts of the Asia-Pacific region are bouncing back from the global financial downturn.
The new estimate, which outstrips forecasts of around 10 and 9 percent growth of regional powerhouses like China and India, comes despite lingering worries over the US and European economies. Asia's other export-oriented economies are also expected to post healthy increases this year.
Singapore is one of the Asia-Pacific region’s most open economies, serving as a major financial center and as an important production and research hub for pharmaceuticals and electronics.
Singapore Forecasts 15% Economic Growth [NY times , 14 July 2010]
Singapore set for stellar growth in 2010 [AFP, 14 July 2010]
S'pore economy blazes to the top [AsiaOne, 15 July 2010]