Macroeconomic Forecast Singapore

We expect growth to moderate to 4.0% this year after an exceptionally high 8.4% expansion in 2004. The slowdown reflects reduced global demand, with non-oil exports moderating. However, an expected recovery in the second half of the year should see the current account surplus narrowing only slightly this year, and support a rebound in growth to 5.3% in 2006.

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