Experts lift estimates of S'pore growth

Experts lift estimates of S'pore growth

SINGAPORE: Private sector economists have raised their growth expectations for the Singapore economy this year to an average 3.3 percent, according to a survey.

The survey, carried out by the Monetary Authority of Singapore (MAS) last month and released over the weekend, showed economists were more optimistic about prospects for the city-state than in a December poll when the average projection was for 1.7 percent growth.

"The nascent turnaround in the external economic environment, and expectation of an export-led recovery has led all respondents to revise their forecasts upwards for 2002," said the MAS, Singapore's de facto central bank.

Singapore is in its worst recession in more than 30 years, with GDP shrinking 2.2 percent in 2001 after soaring growth of 9.9 percent the previous year. -- AFP