Apr 29, 2010 / Straits Times
ECONOMISTS looking for reasons to upgrade their Singapore growth forecasts into double-digit territory were presented with plenty yesterday.
A review by the Monetary Authority of Singapore (MAS) found that the economy's recovery from the global recession has been stronger than rebounds from previous downturns.
In fact, the economy has rallied so sharply that it is now about 2.8 per cent above its previous peak in the first quarter of 2008, the MAS said in its twice-yearly macroeconomic review yesterday.
And with the recovery broadening and global demand returning, the economy is likely to continue on a 'firm recovery path' for the rest of the year.
This is likely to raise hopes of higher economic growth than the Government's official forecast of 7 per cent to
9 per cent this year. Economists have suggested that even double-digit growth is not out of the question, as long as the economy stays on the recovery path in the coming months.
