Economists Expect Singapore Economy to Grow 2.8 percent in 2013

Economists in the private sector expect the Singapore economy to grow by 2.8 percent in 2013, according to the results of a survey released on Wednesday.

The latest median estimate of the economists surveyed by the Monetary Authority of Singapore (MAS) was at the higher end of the official forecast. It is also slightly higher than the results of the previous quarterly survey released in December 2012.

The Ministry of Trade and Industry has said it expected the Singapore economy to grow by 1 percent to 3 percent this year.

The economists expect a 0.8 percent growth for the Singapore economy in the first quarter of 2013, a slight downgrade from an earlier estimate of 1.2 percent.

They expect the full-year inflation to come in at 3.8 percent, in line with the central bank’s estimated forecast range of between 3.5 and 4.5 percent for the year. They forecast the MAS Core Inflation, which excludes the costs of accommodation and private road transport, to come in at 2 percent, slightly higher than the previous forecast of 2.2 percent.

They expect the jobless rate to be at 2 percent by the year end.

For 2014, the 21 economists and analysts who participated in the survey expect an economic growth of 4 percent, with an inflation of 3.4 percent.

via Xinhua

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza