Domestic-oriented sectors will again be the primary drivers of growth
this year and the next. Major infrastructure projects and residential
construction will generate positive spillovers for other sec...
sensitive industries such as manufacturing, wholesale trade, and financial
services are expected to post modest growth, reflecting gradual recovery
in external demand. Domestic demand will continue to be the main
source of growth, on the back of improving fixed investments and a
rebound in government expenditure.
Inflation will moderate further but remain above the historical
average, owing to tight labor and housing markets (Figure 3.29.7). Overall
inflation will likely slow gradually to 3.8% in 2013, within the range of
the Monetary Authority of Singapore forecast of 3.5%–4.5% but double
the 2% average over the past 2 decades. It is expected to ease to 3.0%
in 2014. The forecast assumes that monetary policy will retain its bias
toward Singapore dollar appreciation, that measures will be taken to
cool the property market and expand housing supply, and that global
commodity prices will moderate. Excessive capital inflows may also be
a risk for inflation, but the authorities will likely introduce additional
macroprudential measures, if necessary.
First tender, for vehicles with engines 1,600 cubic
centimeters and smaller.
Source: CEIC Data Company (accessed 18 March 2013). Asian Development Outlook 2013 - http://www.adb.org/publications/singapore-fact-sheet?ref=about/members
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