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Singapore, RoK up 2010 growth forecasts

The Singaporean government has upped its economic growth forecast to 15 percent for this year, possibly making the country the fastest growing economy in the world in 2010.
The Singaporean government has upped its economic growth forecast to 15percent for this year, possibly making the country the fastest growingeconomy in the world in 2010.

The gross domestic product for thesecond quarter of this year has grown by 19.3 percent from last year,which is the fastest rate since the Singaporean government beganreleasing quarterly GDP figures in 1975, said the Trade and IndustryMinistry.

The ministry raised its forecast for the city-state'seconomic growth this year to between 13 percent and 15 percent fromits previous forecast of 7 to 9 percent.

Meanwhile, the centralbank of the Republic of Korea (RoK) has raised its growth forecastto 5.9 percent, a rise of 0.7 percentage point as compared to itsearlier projection in April.

The International Monetary Fund(IMF) and other global institutions have also successively revised theirgrowth forecasts of the RoK economy, which according to financialanalysts, is an indication of its complete recovery from the globaleconomic recession.

Despite the fact that the regional economy isrebounding robustly in the second quarter of 2010, which is backed upby the upgraded forecasts, Singapore and the RoK remain cautious.They said that the demands for Asian goods from the US and theEuropean Union are inching up, but very slowly and that could possiblycause a depression in their industries./.
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