S'pore to review growth forecast<\/p>\n
SINGAPORE (Reuters): Singapore will have to review its 1998
\neconomic growth forecast of five to seven percent, state
\ntelevision quoted Minister for Trade and Industry Lee Yock Suan
\nas saying yesterday.<\/p>\n
Lee said this was to take into account recent developments in
\nSouth Korea, which last week announced an austerity program as
\npart of a deal with the International Monetary Fund (IMF).<\/p>\n
State television said Lee, speaking during a visit to his
\nparliamentary constituency, did not indicate the review would
\nnecessarily mean revising the figures.<\/p>\n
Singapore made the five- to seven-percent forecast for 1998
\ngross domestic product growth (GDP) in mid-November, before the
\nfull dimensions of South Korea's problems and the IMF program for
\nthe country were clear.<\/p>\n
Even then, however, some private economists said the forecast
\nmight be a bit optimistic.<\/p>\n
For 1997, both government and private forecasts see Singapore
\nGDP growth of around seven percent.<\/p>\n
The IMF is making a record US$57 billion rescue package
\navailable to South Korea, but in exchange is asking it to cut
\nback its economic growth target and also tighten spending. South
\nKorea is one of Singapore's 10 biggest export markets.<\/p>\n
Various key trade and investment partners of Singapore closer
\nto home, such as Malaysia and Indonesia, are also tightening
\ntheir belts and forecasting lower growth rates as a result of
\neconomic and currency turmoil in recent months.<\/p>\n
Singapore's GDP grew 10.1 percent between the third quarters
\nof 1996 and 1997.<\/p>",
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