About Singapore - The Economy
Singapore has enjoyed spectacular economic growth since independence. The Singapore
economy grew by a healthy rate of 14.4% in the second quarter of 2008, its fastest pace
in two years. The figures reflect a boom in construction and banking.
However economies across Asia’s are being effected as the U.S. cuts demand for the
continents exports, Singapore’s trade promotion agency lowered its forecast for export
growth in 2008 to between 2% - 4%, from an earlier range of 4% - 6%.
The government has reiterated its forecast for the economy to grow between 4 percent
and 6 percent in 2008, below the average growth rate of 8.1% in the previous four
years.
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