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 gross domestic product for the second quarter of this year has grown by 19.3 percent from last year, which is the fastest rate since the Singaporean government began releasing quarterly GDP figures in 1975, said the Trade and Industry Ministry.
The ministry raised its forecast for the city-state's economic growth this year to between 13 percent and 15 percent from its previous forecast of 7 to 9 percent.
Meanwhile, the central bank of the Republic of Korea (RoK) has raised its growth forecast to 5.9 percent, a rise of 0.7 percentage point as compared to its earlier projection in April.
The International Monetary Fund (IMF) and other global institutions have also successively revised their growth forecasts of the RoK economy, which according to financial analysts, is an indication of its complete recovery from the global economic recession.
Despite the fact that the regional economy is rebounding robustly in the second quarter of 2010, which is backed up by the upgraded forecasts, Singapore and the RoK remain cautious. They said that the demands for Asian goods from the US and the European Union are inching up, but very slowly and that could possibly cause a depression in their industries./.
The gross domestic product for the second quarter of this year has grown by 19.3 percent from last year, which is the fastest rate since the Singaporean government began releasing quarterly GDP figures in 1975, said the Trade and Industry Ministry.
The ministry raised its forecast for the city-state's economic growth this year to between 13 percent and 15 percent from its previous forecast of 7 to 9 percent.
Meanwhile, the central bank of the Republic of Korea (RoK) has raised its growth forecast to 5.9 percent, a rise of 0.7 percentage point as compared to its earlier projection in April.
The International Monetary Fund (IMF) and other global institutions have also successively revised their growth forecasts of the RoK economy, which according to financial analysts, is an indication of its complete recovery from the global economic recession.
Despite the fact that the regional economy is rebounding robustly in the second quarter of 2010, which is backed up by the upgraded forecasts, Singapore and the RoK remain cautious. They said that the demands for Asian goods from the US and the European Union are inching up, but very slowly and that could possibly cause a depression in their industries./.
