Singapore economy to see moderate growth in 2012 and 2013

by Machiavelli

The Chosen Media

Singapore’s Gross Domestic Product growth is likely to come in below potential for the second consecutive year in 2013, says the Monetary Authority of Singapore (MAS).

In its half-yearly Macroeconomic Review, October 2012 released today, the central bank said over the last two years, the global economy has been subjected to frequent swings in sentiment, alternating between bouts of cautious optimism and alarming risk aversion.

In the second quarter and third quarter this year, for instance, MAS said there was a discernible loss in growth momentum, following a temporary rebound in the earlier part of 2012.

The moderation in growth was due to renewed concerns over the recovery in the advanced economies which in turn weighed on consumer and business sentiment around the world.

Mirroring the developments on the external front, MAS said the Singapore economy slowed significantly in Q2 and contracted in Q3, after a strong expansion at the…

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