Singapore Highest in Asia
executive summary by darmansjah
Tourists relax at the pool on the roof top of the tower Hotel Marina Bay Sands in Singapore on Monday (3 / 1). Singapore building two casinos at a cost of no less than 10 billion U.S. dollars in the region.
Singapore, Monday - Singapore's economy grew 12.3 percent in the fourth quarter of 2010. It was a record-high growth, and put Singapore as the country with the highest economic growth in Asia.
The Singapore government released data is in Singapore on Monday (3 / 1).
Singapore grew by 14.7 percent throughout 2010. This achievement is remarkable because in 2009, Singapore experienced a contraction of 1.3 percent.
"With growth of 14.7 percent, Singapore is a country with the fastest growth in Asia in 2010," said Alwin Liew, an economist at Standard Chartered Bank in Singapore.
Globally, Singapore's achievements can only be matched by Qatar. This oil-rich country recorded a growth of 16 percent in 2010, based on data from the International Monetary Fund (IMF).
In Asia, China is expected to record a growth of 10 percent this year.
Singapore's growth last year surpassed ever achieved in Singapore in 1970 when the country recorded a small growth of 13.8 percent. This year's achievement also is within the range that defines the government's target growth rate of between 13 percent and 15 percent.
Growth in the month of October to December is supported by the manufacturing sector which grew by 28.2 percent from a year ago. Similarly, according to data from the Ministry of Trade and Industry.
Strengthening the manufacturing sector of the portion about a quarter of gross domestic product (GDP) to cushion the impact of construction activity decreased 1.2 percent.
Growth in manufacturing is supported by the biomedical manufacturing as seen from the surge in pharmaceutical production. While the output of a portion of the service sector 65 percent of Singapore's GDP rose 8.8 percent in the fourth quarter.
"We will continue to expect the economy to grow by 7 percent in 2011, supported by the service sector and job creation," said one analyst at DBS Bank in a note to clients.
Prime Minister Lee Hsien Loong, who announced the annual growth rate in his new year speech, urged all parties to be careful of the risk factors that emerged in the past year.
"The future of the global economy is diverse. We should welcome this good performance, but please remember that the performance is also the result of special circumstances. It seems like this achievement would not be repeated quickly. There are several things to be aware that the U.S. economy is still weak. Europe also faces a serious debt crisis in Greece, Ireland, and several other countries, "says Loong.
The Prime Minister also stated that growth in 2011 will be moderate between 4 percent and 6 percent.
Singapore's GDP totaled 247.33 billion Singapore dollars or 191 billion U.S. dollars in 2009. Their economies are highly dependent on external trade, and anything that happens on the global economy has always affected the island's economy. Singapore's GDP minus 1.3 percent in 2009 due to the global downturn and the decline in demand from the U.S. and other developed countries.
"Singapore managed to achieve a great recovery from the global financial crisis and posted a record growth to prove it. However, we will enter the normal time. Our forecast Singapore's growth this year will reach 5.2 percent, "said Leif Eskesen, economist at HSBC. (AFP / joe)