Higher growth: Commercial buildings stand illuminated at night in the central business district of Singapore. The Trade and Industry Ministry maintained its GDP growth forecast for 2017 at 1 to 3, but said the economy will likely grow faster than the 2 expansion in 2016. —Bloomberg
SINGAPORE: Singapore’s government gave an upbeat outlook on the economy, saying it will probably expand more than 2% this year as exports continue to strengthen.
The Trade and Industry Ministry maintained its GDP growth forecast for 2017 at 1% to 3%, but said the economy will likely grow faster than the 2% expansion in 2016, barring any downside risks. In a revised estimate of first-quarter data, the ministry said gross domestic product declined an annualized 1.3% from the previous three months, an improvement on its projection last month of a 1.9% contraction.
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