Economists surveyed by the Monetary Authority of Singapore (MAS) lifted the economy's growth outlook for this year, but warned that significant downside risks will remain.
The 21 economists surveyed by the central bank expect the economy to grow 3 percent in 2012, an upgrade from the 2.5 percent median forecast in the March survey, a report published by MAS showed Wednesday.
The economy expanded 1.6 percent in the first quarter of 2012, much faster than the 0.1 percent growth forecast by the MAS survey respondents in March.
They now expect the gross domestic product to expand 2.8 percent in the second quarter, slightly stronger than the previously forecast 2.5 percent.
The consumer price inflation and MAS core inflation are expected to come in at 4.2 percent and 2.7 percent respectively in 2012. The respondents expect the unemployment rate to be 2.2 percent by year-end, slightly lower than the 2.3 percent from the previous survey.
Private consumption is expected to rise 3.7 percent this year. Non-oil domestic exports will grew 5.6 percent in 2012, according to the economists.
by RTT Staff Writer
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