S'pore Sticks To 2007 GDP Forecast Despite Sub-Prime Crisis

Source : The Business Times, September 17, 2007

Singapore's government said on Monday that its economic growth forecast for 2007 remains unchanged at 7-8 per cent despite the recent global market turbulence triggered by the US sub-prime mortgage crisis.

'It is too early to assess with any degree of certainty (the impact of the sub-prime problem),' Mr S Iswaran told Parliament on Monday.

He said the Monetary Authority of Singapore was ready to inject additional liquidity into the market if necessary.

Singapore Prime Minister Lee Hsien Loong said in August that the Government was keeping an eye on turbulent markets because the trade-dependent economy could be hit by worsening consumer confidence in the United States.

The central bank had reminded banks twice in August to take a close look at their exposure to the US sub-prime mortgage crisis. -- REUTERS