Macroeconomic Forecast Singapore

Singapore's dynamic economy will slow in 2005, as high oil prices and weaker demand for microchips pose risks to the rate of expansion. The US$95bn economy has now passed the peak of its cycle and we believe growth will slow during this year, moderating to a rate of 4.9%. The successive fall in exports during the final months of 2004 reflects this slowdown and while growth remains dependent on the volatile electronics and pharmaceutical industries, the trade-driven economy will be vulnerable to global changes.

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