Singapore's economy to grow by 7.5-8%

Singapore, Nov 21 (UNI) Singapore has revised its economic growth for this year to 7.5 per cent to 8 per cent from earlier projection of 6.5 per cent to 7.5 per cent, saying the economy continued to perform better than expected despite a less than rosy global economic environment.

The government, which had projected a 3 per cent to 5 per cent economic growth a year ago, has raised expectations for the fourth time this year.

Nevertheless, it was cautious for next year, projecting 4 per cent to 6 per cent growth.

The Ministry of Trade and Industry yesterday said the outlook for the world economy is softer but still positive. It has highlighted several downside risks, including a sharp slowdown in the US economy, a softer global semi-conductor industry and volatile oil prices.

Singapore economy grew 7.2 per cent in the third quarter ended 30 September 2006, higher than the advance estimates of 7.1 per cent, and boosting the nine-month growth to 8.6 per cent.

A 4.4 per cent to 6.2 per cent economic expansion is expected in the fourth quarter, according to analysts surveyed by local media.

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