Forbes.com, 21 May 2009, Reuters
HONG KONG - Singapore's government may hold back its invisible hand, along with any additional stimulus relief, after the economy showed signs of recovery from its worst-ever recession.
Thursday, the Ministry of Trade released forecast-beating gross domestic product data for the first quarter. Singapore's economy contracted 10.1% year-on-year in the three months of 2009, better than the government's advance estimate of -11.5%, released last month. The reading also came in above the market consensus of -10.9%.
The better-than-expected output in both manufacturing and the financial services sectors, as well as a relatively low employment rate, will allow Prime Minister Lee Hsien Loong and his office to take a breather, the data indicate there is no urgent need to unveil the second stimulus package.
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