Singapore Witnesses A Record Economy Expansion In 2010

By MALILA Harris

SINGAPORE News – Owing to fast manufacturing activities, Singapore has been witnessing a rapid economic growth at a record rate in 2010.

The economy of the country expanded by 14.7% last year, came back strongly from 1.3% depression in previous year.

It is the record growth, surpassing the previous record of 13.8% in 1970. However, the Prime Minister Lee Hsien Loong showed not exhilaration, saying it would be slowed down in 2011.

The economy increased by 12.5% in the fourth quarter, largely impelled by the manufacturing sector, which expanded by a 28.2% growth.

An economist with Standard Chartered Bank, Alvin Liew said that Singapore has become the fastest growing Asian economy in 2010.

The figures recorded by the International Monetary Fund (IMF) says, Qatar had faster growth at 16%.

Singapore’s GDP is heavily relied on international trade and vulnerable to the global economy changes. It was valued at 247.33bn Singapore dollars ($191bn; £123.7bn) in 2009.

In 2009 when globally countries had witnessed recession and downturn, the country’s GDP also shrank 1.3%.

The services sector, which accounts for 65% of Singapore's GDP, grew 8.8% in the fourth quarter of 2010.