Singapore's economy is likely to grow 7.5 percent year-on-year in 2007, within the government's 7 to 8 percent 2007 forecast range, according to a survey by the Monetary Authority of Singapore (MAS) released on Wednesday. The MAS survey of 18 private-sector economists showed that the forecasters have raised their outlook for the economy from June's median growth forecast of 6.0 percent.
The upward revision in the full-year growth figure followed a faster-than-expected 8.6 percent economic growth in the second quarter, driven by robust expansion in services and construction.
For the remaining two quarters of 2007, the respondents expect growth on year-on-year terms to come in at 7.8 percent and 7.6 percent for Q3 and Q4 respectively.
The economy is also expected to expand by 6.5 percent in 2008, higher than the 5.8 percent expansion predicted in the June survey.
Last year, Singapore's economy grew by 7.9 percent.
The survey was distributed among forecasters on August 13, just as US credit market concerns became increasingly likely to pose a threat to economic growth. - CNA/ch
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