Macroeconomic Forecast Singapore

Singapore's real GDP will expand 8.8% this year, its fastest rate since 2000, supported by strong electronics and drugs manufacturing. But we believe the pace of growth will slow in 2005 as high oil prices dampen demand for technology goods, which make up a significant proportion of Singapore's exports. A halving in the rate of industrial production, from 12.5% to 5.8%, will contribute to the reduced rate of growth. This slowdown follows rapid growth as Singapore rebounded from the SARS outbreak.

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