Tuesday, April 1, 2008

My take on the Singapore economy

The overall economy of Singapore is growing at a strong healthy rate with last year GDP growth figure hitting 7.7%.But many economist forecast growth will slow down in between 4 to 6 percent this year due to sub prime mortgage trouble in US, and might get lower if US goes into recession. However, there is still light in the tunnel. The remaking of the Singapore story is still intact. Singapore’s transformation into a global city and its evolution into a mother of all hubs- financial/wealth management, tourism, education, healthcare, research and development are coming along nicely.
That and the development of the two integrated resorts with casinos and the Republic hosting Formula One race and Youth Olympics will set to boost the general economy of Singapore especially the tourism and retail industry.
All in all, we set to look a slower growth rate for the 2008. After two years of exuberant growth in the economy, Singapore is looking to move towards the mature growth stage in the coming years. A recession in Singapore is highly not likely in the next 2 to 3 years. What holds after the next 2 to 3 years for Singapore economy is anybody guess.

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