Singapore Laughing As Growth Soars To An All-Time High

singapore harbor

Singapore is sitting pretty these days.

GDP growth just hit an all-time high and the government hiked its forecasts even higher than they had already been:


Gross domestic product for April through June grew 19.3 per cent from a year earlier when the economy was shrinking because of the global recession, the Trade and Industry Ministry said Wednesday. The growth was the fastest since the government began releasing quarterly GDP figures in 1975.

The ministry raised its forecast for the city-state’s economic growth this year to a range of 13 per cent to 15 per cent from the previous forecast of 7 per cent to 9 per cent. It also raised its forecast for export growth as global demand has stayed strong amid Europe’s debt and fiscal crisis.

“This should reinforce the view that fears from the eurozone crisis may be exaggerated,” DBS bank said in a report.

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