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Thursday, the Monetary Authority of Singapore said the pace of economic growth over the coming quarters will be slower and steadier, with expansion in next year coming in lower than in previous post-recession periods.
The Singapore economy registered two quarters of double-digit sequential expansion and entered the recovery phase, the central bank said in its semi-annual review. GDP growth will possibly shift to a more sustainable trajectory in 2010, underpinned by a modest turnaround in final demand in Singapore's key external markets.
The MAS added that the economy would need to grow very rapidly to return to where output would have been without the crisis. Merely returning to trend growth in 2010 would still keep output levels at a trajectory below the path that would have prevailed in the absence of the sharp downturn.
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