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MTI’s reply to media queries on economic restructuring

4 August 2014

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MTI’s reply to media queries on economic restructuring 


Economic restructuring is a long-term undertaking. Some analysts have cited the slowdown in 2Q14 GDP growth as evidence that economic restructuring is failing. It is too hasty to draw such conclusions from a single quarter of economic data.

  • Weak GDP growth in 2Q14 not reflective of the impact of economic restructuring.

Given Singapore’s externally-oriented economy, quarter to quarter fluctuations of our GDP growth are to be expected. For first half 2014, GDP growth averaged 3.4% year-on-year (yoy), representing a healthy growth rate given our current stage of economic development.


Latest leading indicators such as the Purchasing Managers’ Index for the manufacturing sector and Business Expectations Survey for the services sector have shown that business sentiments and outlook for the rest of the year have generally improved in tandem with an expected improvement in the global economy.


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MTI's reply to media queries on economic restructuring


MINISTRY OF TRADE AND INDUSTRY

4 AUGUST 2014

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