Singapore's GDP growth strengthening and spreading to more sectors

Singapore

SINGAPORE'S economic recovery is gathering pace, with growth rates accelerating over two straight quarters thanks largely to a sustained increase in global electronics demand, the Monetary Authority of Singapore (MAS) said.

While pockets of weakness remain in some sectors, growth is broadening beyond trade-related industries, with economic expansion expected to remain steady in the coming year, the central bank noted in its latest macroeconomic review out on Friday.

Official forecasts tip economic growth of 2 to 3 per cent this year. The final figure is expected to come in at the upper half of this range, before moderating slightly in 2018, the MAS said.

The central bank struck a noticeably more optimistic note in its latest macroeconomic review, noting that steady growth in the global economy is likely to be sustained in the near term, amid more favourable business sentiment and tightening labour …