Singapore's 2011 economic growth forecast upgraded to 6.2%

SINGAPORE: Singapore-based private sector economists and analysts have upgraded their growth forecast for the city state's economy to 6.2 per cent from 5.7 per cent previously, local media reported on Wednesday.

The economic growth would be supported by the manufacturing and financial services sectors, said the Monetary Authority of Singapore's (MAS) latest quarterly Survey of Professional Forecasters.

The yearly economic growth was also supported by stronger than expected 8.3 per cent economic growth in the first three months of the year, it said.

The manufacturing and financial services sector would be supporting the new 6.2 per cent growth.

The economists and analysts have upgraded Singapore's manufacturing sector growth forecast to 8 per cent, up from 5.9 per cent previously, and the financial services growth projection to 8.8 per cent, higher than the previous estimate of 7.4 per cent.

For next year, the Singapore economy is forecast to grow by 5.5 per cent, said the MAS, the de facto central bank.