Singapore economy may grow by 8% despite high oil prices
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Despite higher oil prices, the Singapore government on Wednesday keeps its economic growth forecast of 8 percent to 9 percent for this year, and growth of 3 percent to 5 percent for next year.
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Singapore&#39;s key non-oil domestic exports rose by a surprisingly strong 16.9 percent in September from a year earlier, allaying fears of a slowdown that may hurt economic growth.
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Global trade is set to grow by 8.5% in real terms this year despite soaring oil prices, the World Trade Organisation says.
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SINGAPORE Crude oil prices are on the rise again, this time because of supply fears. In early trading Monday, a price spike nudged a barrel to within four cents of the all-time high of 49 dollars and 40 cents.
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Singapore&#39;s economy unexpectedly shrank in the third quarter, ending a year of expansion, as record oil prices curbed overseas sales of companies including Chartered Semiconductor Manufacturing Ltd.
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SINGAPORE: Crude oil prices rose above 42 dollars a barrel in Asian trade on northern winter concerns as OPEC indicated its longer-term price target was around 30 dollars a barrel, dealers said.
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The 2004 Asian Development Prospect report has predicted that this year&#39;s GDP growth rate will be 8-point-8 percent higher than last year while next year&#39;s growth rate will slowdown to eight percent.
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Singapore's exports expanded by 17 percent to a record high last year, reflecting strong demand from China for oil and commodities and solid sales of electronics and pharmaceuticals to the United States and European Union.
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Although oil prices have remained at historically high levels for a while, market watchers and government officials said that complications might not be overwhelming due to an upgrading of the country&#39;s industrial structure.
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Asian policymakers must not let economic stability lead to complacency, Singapore's prime minister warns.
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The global economy is expected to log solid growth this year and next, although elevated energy prices and inflation hover as risks, the chief of the International Monetary Fund said Tuesday.
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Lofty oil prices may make the road ahead a little steeper, but the economy is on track to emerge from a recent soft patch intact, private-sector economists at a weekend retreat agreed.
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Singapore cut its growth forecast for this year to 8.0-8.5 percent from 8.0-9.0 percent following a sharp slowdown in the third quarter and warned of uncertainties ahead for 2005.
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Global commerce is expected to grow 8.5 percent by the end of this year, helped by economic expansion that could overcome record oil prices, the World Trade Organization said Monday.
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China's top oil firm, PetroChina, is expected to raise more than $9bn (Â£4.88bn) for its listing on the Shanghai Stock Exchange.
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A new report says that pressures on fuel supplies are growing, in part, because booming Asian economies are using more fuel to power their manufacturing industries.
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HANOI - Vietnam&#39;s economic performance in the first half of 2004, supported by a better business environment and robust external demand, suggests that gross domestic product (GDP) growth will remain above 7% in 2004 and 2005, according to a major Asian