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Country Profiles

Singapore - Economy

Whitaker's Almanack Version

Financial Outlook

The Singapore economy grew by 3.7% in 2013 according to advance estimates from the Ministry of Trade and Industry published in December 2013. The government is forecasting growth of between 2% and 4% in 2014. However, in November 2013 officials said that exports appeared to have contracted in 2013 and that export growth would increase at a slower pace than GDP expansion in 2014. Companies are complaining that labor shortages are restricting growth, and the government placed restrictions on the hiring of foreign workers for the fourth consecutive year in 2014. This reflects official concern at the growing resentment toward foreign workers in the country. In 2013 the Singapore dollar was the best performer among five major South East Asian currencies tracked by Bloomberg, weakening only about 3.3% against the US dollar. The central bank, which guides the local dollar against a basket of currencies, said in October that it would maintain a modest and gradual appreciation of the currency. In January 2014 the Monetary Authority of Singapore issued a rebuttal of a claim in Forbes magazine that a property bubble was developing in the island state.

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Further reading on Singapore


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