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Thursday, 4 September 2008

S'pore growth outlook cut

THE Monetary Authority of Singapore said on Wednesday a survey showed economists expected the city-state to grow 4.2 per cent in 2008, down from the 5.5 per cent predicted in an earlier poll.

The lower growth prediction comes amid signs of an economic slowdown after a tumble in key exports over the last few months, particularly to US and other industrialised economies.

Economists had trimmed the growth outlook to 5.5 per cent from 5.6 per cent in the previous survey released in June.

The poll showed that economists expected the manufacturing sector, a key pillar of the economy, to grow a mere 1.0 per cent this year compared with the previous forecast of 5.5 per cent.

The government in August lowered its 2008 growth targets to 4.0-5.0 per cent from 4.0-6.0 per cent, citing weakness in the global economy as the main reason behind the downgrade.

The central bank sent out the survey to 24 economists in the private sector in August and 20 responded. -- AFP

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