Friday, December 31, 2010

GDP Grows 14.7% in 2010 ..... in Singapore

I was looking for a cheerful bit of news outside CNBC and Goldman Sachs (who recently switched to cheerleading with their bright outlook on the US economy), and I found one. It's just not about the US economy, but cheerful nonetheless...

Singapore's 2010 GDP jumped 14.7%.

AFP via Breitbart:

Singapore's economy expanded at a record 14.7 percent in 2010, Prime Minister Lee Hsien Loong said Friday, in a sharp recovery from last year's recession for the city-state.

It was the best performance ever for Singapore's trade-led economy, surpassing the previous record 13.8 percent growth achieved in 1970.

The annual 14.7 percent surge announced by Lee is also at the top end of the government's growth forecast of 13-15 percent.

For next year, growth will moderate to 4.0-6.0 percent, Lee said.

"The Singapore economy recovered strongly in 2010," the prime minister said in his annual New Year speech.

"This is a dramatic rebound from the negative growth last 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."

Singapore's gross domestic product (GDP) shrank 1.3 percent last year because of the global downturn when demand from the US and other developed economies collapsed.

Its GDP, valued at 247.33 billion Singapore dollars (191 billion US) in 2009, is highly dependent on external trade and any slip-up in the global economy will affect the city-state's economy.

A sharp recovery after a sharp decline. It seems to me that the city state's economy is much freer than what we have here in the US.


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