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Singapore's economy is forecast to contract 3.6% in 2009, slower than a 6.5% decline expected in the June survey, a report by the Monetary Authority of Singapore said Wednesday.
The survey said the most likely outcome is for the GDP to contract by between 4% to 4.9% this year. This compares with the government's expectation for the economy to shrink between 4% to 6% this year. For the next year, the growth is forecast to be 4.5%, higher than the 4.2% rise expected in the June survey.
Consumer price are forecast to be flat this year, in contrast to the 1.5% fall expected in the previous survey, while the jobless rate is projected to be 3.8% compared to 4.2% estimated earlier. In 2010, the consumer price inflation is expected to be 1.5%, unchanged from the expectations made in June.
Manufacturing output is expected to contract 7.1% in 2009, much slower than the 14% fall expected in the June survey. Non-oil domestic exports are expected to fall 11.5% this year compared to the earlier forecast of a 14.1% drop.
Meanwhile, for the third quarter, the GDP is projected to contract 3% on a yearly basis compared with the 6.6% decline expected in the June survey. In the second quarter, the GDP shrank 3.5%. Consumer prices in the three months ended September are expected to fall 0.7%.
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