Singapore Raises Growth Forecast

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Singapore raised its economic growth forecast for this year, with the economy picking up at a faster-than-expected rate.

The government now expects national output to grow by 4.5% to 6.5% in 2010, up from an earlier forecast of 3% to 5%, the Ministry of Trade and Industry said on Friday.

This year's inflation forecast has also been revised down to 2% to 3% from an earlier estimate of 2.5% to 3.5%. This is the largely the result of the rebasing of the consumer price index, the ministry said.

Singapore's economy contracted 2.8% on a seasonally adjusted quarter-on-quarter annualized basis in the fourth quarter of 2009.

Singapore raised its economic growth forecast for this year, with the economy picking up at a faster-than-expected rate. (Market News Provided by RTTNews)