Associated Press
March 9, 2010
SINGAPORE


SINGAPORE's economy will rebound from last year's recession as manufacturing and construction fuel growth, according to a central bank survey of analysts.

The city-state's gross domestic product will likely grow 6.5 percent this year, according to the median forecast of 20 economists in the quarterly survey, the Monetary Authority of Singapore said Wednesday, Mar 9

In the previous survey in December, analysts had expected the economy would grow 5.5 percent this year.

Singapore's economy - which relies on trade, finance and tourism - will likely be led this year by a 9.7 percent expansion of the manufacturing sector and an 8.9 percent jump in construction, the analysts said.

The government expects the economy will grow between 4.5 percent and 6.5 percent this year after a 2 percent contraction last year.

Analysts said the economy is likely to grow 9.5 percent in the first quarter from a year earlier and 6.3 percent in the second, the central bank said.

The inflation rate will probably rise to 2.7 percent this year, the unemployment rate will be 2.0 percent and the exchange rate will average 1.35 Singapore dollars per U.S. dollar, the analysts expect.

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