Singapore revises growth

Singapore revises growth

SINGAPORE (AFP): The Singapore government has revised upwards the 1999 growth forecast for the island state's economy, causing the stock market to jump more than two percent on Monday.

Trade and Industry Minister George Yeo was quoted saying by local television and newspaper reports that the economy was expected to expand 4.5 to 5.0 percent this year from just 0.3 percent in 1998.

He said the upward revision to the lower end of the government forecast of 4.0 percent was in line with strong expansion in the third quarter.