The Star Online, 15 Jul 2009, FINTAN NG
Singapore may have seen some stabilisation in economic numbers following a big jump in its second-quarter gross domestic product (GDP) by 20.4% on an annualised basis, but it will not be sustainable as the country’s economy is still reliant on exports.
Standard Chartered Bank economist Alvin Liew said given the way Singapore’s economy was structured; with a reliance on exports, there would still be a decline for the year although it had stabilised compared with the last quarter of 2008 and the first quarter this year.
He said Singapore’s second quarter GDP growth was the exception rather than the rule compared with the rest of South-East Asia because a substantial portion of the manufacturing sector comprised pharmaceuticals.
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