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Jun 10, 2009, 6:58 GMT

Singapore's economy expected to contract 6.5 per cent this year

Singapore - Singapore analysts expect the city-state's economy to contract 6.5 per cent this year but to rebound in 2010, a survey by the central bank said Wednesday. A poll of 19 economists and analysts by the Monetary Authority of Singapore in May showed that experts expected Singapore's gross domestic product (GDP) to shrink even worse than the 4.9-per-cent contraction they predicted in a median forecast in March. However, a decline by 6.5 per cent would be just within the government's forecast, which gave a shrinkage range of 6 to 9 per cent for 2009. For 2010, the economists expected Singapore's GDP to grow by 4.2 per cent, thus boosting the median forecast of 3.3-per-cent growth they reported in March, the survey said. In 2008, Singapore's economy grew 1.1 per cent. In the first quarter of 2009 Singapore's economy - which highly depends on exports, which have been hit hard by the global economic downturn - contracted at a rate of 10.1 per cent. According to a median forecast in the survey, Singapore's GDP was expected to fall 7.7 per cent, 6.6 per cent and 1.2 per cent compared with a year earlier in the second, third and fourth quarters, respectively. The analysts predicted a sharp decline of 14.1 per cent for Singapore's non-oil exports in 2009, the survey said. Manufacturing was expected to contract by 14 per cent.

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