Singapore revises up economic growth forecast

The Singaporean Government on August 11 forecasted the country’s economy is likely to grow at 2.5 percent in 2017 after a better-than-expected performance in the second quarter.

Friday, August 11, 2017 19:20

Singapore revises up economic growth forecast ảnh 1

A finance district in Singapore (Photo: AFP/VNA)

Hanoi (VNA) – The Singaporean Governmenton August 11 forecasted the country’s economy is likely to grow at 2.5 percentin 2017 after a better-than-expected performance in the second quarter.

The Ministry of Trade and Industry (MIT)revised gross domestic product (GDP) for the whole year to 2-3 percent from theprevious prediction of 1-3 percent.

The latest data of MIT showed that Singapore’seconomy grew by 2.9 percent in the second quarter, higher than the growth of 2.5 percent in the previous quarter.

Theministry said theSingaporean economy achieved a GDPgrowth rate of 2.7 percent in the first half of the year due to the recovery of the manufacturingsector, and forecasted this year’s growth will reach around 2.5 percent.

However, MIT is also concerned about riskswhich might negatively affect the global economy in 2017 such as increasingprotectionism, uncertain policies of the Donald Trump administration andconsequences of Brexit negotiations. -VNA

VNA

#Singapore #economic growth #expansion #GDP growth #economic growth forecast #Vietnam news #VietnamPlus #Vietnam News Agency

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