2014-02-16 22:13:44 - Singapore raised its growth forecast for 2013, after the economy unexpectedly grew last quarter, supporting the decision of the Central Bank, to discourage the incentive measures.
Economy will grow by 3.5-4 % in 2013, and the following year the rate at 4%, according to the Ministry of Commerce. Previously projected growth of 3.5 % in 2013
Last quarter, gross domestic product grew by 1.3 % compared with the previous three months. It is expected that the figure will fall by 1%.
Asian countries are benefiting from rising demand amid stimulus from the U.S. Federal Reserve, despite the high risks due to budget disputes in Washington and fragile recovery in Europe.
Singapore's economy is dependent on foreign trade and exports are expected to grow strongly in 2014, which will ease the pressure on the central bank because of the need to reduce the exchange rate.
" We are in a growth
phase, although we should not expect that it will be strong, - said the regional head of research at Standard Chartered Edward Lee. - There are opportunities for strong external demand, which indicates the improvement of prospects. "
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