January's bankruptcy orders -- including those filed by companies and individuals -- rose to 263, from 211 a year ago, the Ministry of Law said.

The total number of undischarged bankrupts as of January 31 was 24,781, the ministry said on its website.

Analysts say bankruptcies are a lagging indicator of economic activity.

Singapore's trade-driven economy, which grew a robust 7.9 percent in 2006, is expected to see more moderate growth of 4.5 to 6.5 percent this year as exports to the United States slow.

However, a strong domestic economy is expected to bolster growth this year, and many analysts say the economy may surprise on the upside.

Strong economic growth has underpinned a surge in Singapore's labour market, with jobs growth at its highest on record in 2006.

But while Singapore has created new jobs in areas such as private banking and biotechnology, the island's income gap has widened dramatically, prompting the government to take measures to help the nation's poor.

Under Singapore law, a person can be made a bankrupt by the High Court for debts of S$10,000 (US$6301) or more.
                                                      Home