Singapore's stronger than expected GDP growth during the first half of 2010 has prompted the government to raise its GDP forecast to 13-15% for 2010.
Singapore is likely to emerge as Asia's fastest growing economy with GDP growth rates soaring to unprecedented levels during Q1 and Q2 of 2010. Singapore's economy is said to have grown 19.3% in Q2 2010 over the corresponding period in 2008, while Q1 growth was revised up to 16.9% from 2008. Singapore's stronger than expected economic performance has prompted its central bank to raise its GDP forecast for 2010 from 7-9% to an impressive 13-15%. Commenting on Singapore's record level of GDP growth rates, Singapore's Prime Minister Mr. Lee Hsien Loong said, "I think this is partly because of the rebound from last year when the economy went into a downturn. It's also because we have new projects which have come on stream now. The two integrated resorts have made a significant difference and boosted our tourism business."
Undoubtedly the Integrated Resorts have boosted the city-state's tourism sector and created employment opportunities. Other contributing factors are a surge in exports and growth in the construction and services sectors. Singapore's trade promotion agency International Enterprise (IE) has also revised trade growth projections in 2010 from 14-16% to 17-19%.
According to Ms. Jacqueline Low, the Director of Singapore company registration agency Janus Corporate Solutions, "Singapore is one of the very few economies to have demonstrated resilience to the economic crisis. The economy has rebounded sharply and the outlook is promising. Singapore has also performed well in several country rankings and business surveys. All in all, its an ideal time for investors and entrepreneurs to seize the momentum and participate in Singapore's rapid economic growth by investing in the economy and setting up business operations here."