Channel NewsAsia - Monday,
October 12
Singapore: The economic growth
forecast for 2009 has been revised upwards to between —2.5% and
—2.0%, the Ministry of Trade and Industry said in a news release
Monday.
It also said the Singapore economy expanded by 0.8% year—on—year
in the third quarter of 2009 with growth driven by the biomedical
and electronics sector and improvements in the trade—related and
tourism sectors of the economy on the back of a gradual
stabilisation in global economic conditions.
This is the first such growth in five quarters.
Advance estimates by the MTI show that in the third quarter of
2009, Singapore’s GDP expanded by 14.9% on a seasonally—adjusted
quarter—on—quarter annualised basis, following a 22.0 per cent
expansion in the second quarter of the year.
In year—on—year terms, the economy grew by 0.8%, compared to a
3.2% contraction in the preceding quarter.
MTI noted that a clear but modest recovery is underway globally,
at least for the next three or four quarters.
However it also cautioned that economic activity will probably
remain below pre—crisis levels because a sustained recovery in
private consumption and investment in the developed economies is
needed to support growth momentum into the second half of 2010.
It added that Singapore’s economic prospects in 2010 will be
closely tied to the conditions in the external environmen with
trade—dependent sectors more likely to continue to benefit from a
gradual resumption in global and regional trade flows in 2010.
In its latest economic report card Singapore’s manufacturing
sector showed an expansion by 35% on a seasonally—adjusted
quarter—on—quarter annualised basis, on the back of the previous
quarter’s spike of 59%.
This increase was primarily due to demand in higher value active
pharmaceutical ingredients in the biomedical manufacturing cluster,
as well as greater electronics restocking activities as consumers
bought more electronic products.
However, the construction sector declined by 0.6% compared to an
expansion of 33% in the previous quarter as construction for
industrial building projects slowed down.
The services producing industries expanded by 9.5% on a
seasonally—adjusted quarter—on—quarter annualised basis in the
third quarter of 2009, compared to 8.3% in the preceding
quarter.
The trade—related and tourism sectors also improved while
financial services sector posted modest growth.
— CNA/sf
Was there a joke somewhere that is missed ?
The opening paragraph of the Thread state as follows:-
The economic growth forecast for 2009 has been
revised upwards to between -2.5%
and -2.0%, the Ministry of Trade and Industry said in
a news release Monday.
In its second paragraph, the report also mentioned that
- "the Singapore economy expanded by 0.8% year—on—year in the third
quarter of 2009 with growth driven by the biomedical and
electronics sector and improvements in the trade."
In the third paragaraph, the report also indicated that for
the Third Quarter of 2009, the GDP was reported to have expanded by
14.9% compared to the Second Quarter of 2009; while the Second
Quarter had expanded by 22% from Q1.
Singapore recovery is still quite soft, considering that the
GDP expansion was 22% during Q2, and now gone down
to 14.9% by the end of Q3.
The economic ranking of Singapore - according
to Miracles&Prophecies list of ranking - shall
be:
China 7.9%
India 7.6%
Egypt 4+%
Hongkong 5+%. Well technically not a country but maybe worth
mentioning
Indonesia 2+% Which never see contracting economy(along with a few
other nations such as China and India) since the global crisis made
its presence felt though growth has declined by more than two
third.
South Korea 2.3%
Israel 1.0%
Japan 0.9%
France 0.3%
German 0.3%
Singapore
-2.2%
With all the unnecessary hoopla that simply justify the
self-acclaimed relevance of the over-paid elitist talents in the
Singapore Government, the prospects for Singapore will be
firmer only when the numbers go above negative.
As matters stand, the prospect of further retrenchment by end
2009 till mid-2010 remains hanging over Singapore, unless PM LHL
reminder - (during the end of Q2 earlier this year) - was just part
of politics to ensure that he is correct when his own super talent
cannot change world's events despite its superlative wages
paid.
