Ministry of Foreign Affairs

S'pore economy set to grow 6.2% in 2011

Press release   •   Jun 09, 2011 10:05 +08

Private sector economists have upgraded their outlook for Singapore's economic growth to 6.2 per cent for the full-year 2011.

This is an upgrade from the 5.7 per cent forecast in the previous poll of economists by the Monetary Authority of Singapore, released in March.

But while the numbers may be looking up, experts said with looming challenges at the horizon, it is not the time to get distracted by headline figures.

Singapore's economy in the first quarter got a shot in the arm from sectors such as pharmaceutical, lifting economists' forecast for the year ahead.

But experts said the revision is based on past results and this does not stop Singapore from catching a cold from challenges that lie in the external market.

Action Economics asian economic forecasting director David Cohen said: "I think you could say that it looks pretty optimistic but Singapore, as always, is dependent on global demand - so anything that would threaten the global recovery would be a concern to Singapore.