Private-sector economists expect Singapore's economy to expand by 6.2 per cent this year, up from an earlier forecast of 5.7 per cent, according to the latest quarterly poll of analysts by the Monetary Authority of Singapore.
Respondents to MAS's June survey raised their forecasts for full-year growth after the economy grew by 8.3 per cent in the first quarter - well above the 5.9 per cent median forecast in the March survey.
The rapid growth in Q1 also prompted the government on May 19 to raise its forecast range for full-year growth to 5-7 per cent, from 4-6 per cent previously.
But economists surveyed by MAS now expect gross domestic product in the second quarter to have grown by just 2 per cent from a year ago, compared to the 3.4 per cent growth forecasted in the March survey.
Most of the 21 respondents to the June survey expect the economy to grow by 5.0-5.9 per cent next year, with a median forecast of 5.5 per cent.
They now expect inflation to average 4.1 per cent this year - slightly higher than the earlier forecast of 4 per cent - before falling to 2.5 per cent next year.
Compared to the March survey, respondents to the June survey raised their 2011 median growth forecasts for the manufacturing, financial services and hotel and restaurants sectors. But the median forecast for growth in the construction, and wholesale and retail trade sectors were lower.
There was no change to the forecast for the year-end unemployment rate, which is expected to remain low at 2 per cent.
Interbank rates here are also expected to remain close to current record-low levels, with a median forecast of 0.5 per cent for the three-month Singapore-dollar interbank rate at year-end.
Respondents to MAS's June survey raised their forecasts for full-year growth after the economy grew by 8.3 per cent in the first quarter - well above the 5.9 per cent median forecast in the March survey.
The rapid growth in Q1 also prompted the government on May 19 to raise its forecast range for full-year growth to 5-7 per cent, from 4-6 per cent previously.
But economists surveyed by MAS now expect gross domestic product in the second quarter to have grown by just 2 per cent from a year ago, compared to the 3.4 per cent growth forecasted in the March survey.
Most of the 21 respondents to the June survey expect the economy to grow by 5.0-5.9 per cent next year, with a median forecast of 5.5 per cent.
They now expect inflation to average 4.1 per cent this year - slightly higher than the earlier forecast of 4 per cent - before falling to 2.5 per cent next year.
Compared to the March survey, respondents to the June survey raised their 2011 median growth forecasts for the manufacturing, financial services and hotel and restaurants sectors. But the median forecast for growth in the construction, and wholesale and retail trade sectors were lower.
There was no change to the forecast for the year-end unemployment rate, which is expected to remain low at 2 per cent.
Interbank rates here are also expected to remain close to current record-low levels, with a median forecast of 0.5 per cent for the three-month Singapore-dollar interbank rate at year-end.
With stronger economic growth expected, bank lending is also predicted to grow more rapidly. The volume of outstanding bank loans is now expected to expand by 15.8 per cent in 2011, compared to a median estimate of 11.3 per cent growth in the March survey.
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