Private sector economists here are more optimistic about the Republic’s economy in the coming months. However, there is still an air of caution over the impact of the impending tapering of quantitative easing in the United States and, to a lesser extent, the threat of US military intervention in Syria.
The Monetary Authority of Singapore’s (MAS) latest survey of private sector economists, which was released yesterday, showed they expect the Singapore economy to grow by 2.9 per cent this year, up from their median estimate of 2.3 per cent when the survey was previously conducted in June.
Last month, the Ministry of Trade and Industry upgraded its official growth forecast for this year to 2.5 to 3.5 per cent, citing an improving growth outlook in the second half of the year. Since then, more positive external data has emerged, with the US jobless rate dropping to its lowest since December 2008 and the Purchasing Managers’ Index in the eurozone hitting a 26-month high.
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