Singapore's economy surged with record 14.7 percent growth in 2010, reflecting the strong recovery after the short recession of the last year, the country's Prime Minister Lee Hsien Loong reported in his New Year's message.
Singapore, a city-state with 5 million inhabitants, saw its strongly rebound economy in 2010, he said. At the same time, the Prime Minister warned the upbeat economic results may not repeat in the coming year. "We should rejoice in this exceptional performance, but please remember that it is also the result of special circumstances, and so is unlikely to be repeated soon."
The country is very much dependent on exports. Thus, the PM explained, Singapore's GDP contracted by 1.3 percent in 2009. However, given the economic health of Asia, particularly China, Singapore grew its economy by 14.7 percent this year.
Earlier this year a government forecast put the growth range between 13 to 15 percent. The 2010 economic performance is at the top of the predicted range, meaning 2010 is Singapore's best year ever, surpassing the previous record of 13.8% in 1970. When the global economy grows, Singapore grows as well, since it is a trading post strategically located at the beginning of the Strait of Malacca, on the road between Europe and Asia.
In his New Year's message, the Prime Minister noted how the country has improved the lives of its residents. "Home ownership rates remain high, educational attainments are rising, commuters are more satisfied with public transport, and Singaporeans are united and proud of our nation. We must keep up this effort to continue enjoying the fruits of growth."
Singapore Central Bank had decided earlier in the Fall to tighten its monetary policy. The bank cited inflationary risks of Singapore dollar (SGD) against the U.S. dollar.
Image Source: Twitpic
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