Wednesday, September 3, 2008

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Singapore Economy Outlook: Economists reduce Singapore Economic Growth Forecast to 4.2% for 2008

A survey of 25 economists shows that forecast for Singapore economic growth is reduced to 4.2% for 2008, down from the 5.5% predicted in an earlier poll.

The lower growth prediction comes amid signs of an economic slowdown after a tumble in key exports over the last few months, particularly to US and other industrialised economies.

The poll shows that economists expect the manufacturing sector to expand by 1.0%, down from the previous forecast of 5.5%. The government in August lowered its 2008 growth targets to 4.0-5.0% from 4.0-6.0 %, citing weakness in the global economy as the main reason behind the downgrade.

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