The International Monetary Fund, which expected Singapore to be worst hit by the recession, now expects the city state to grow faster than all other advanced economies in the world next year.
According to the World Economic Outlook report, released yesterday, the IMF expects the Singapore economy to shrink by 3.3 percent this year — and not by a staggering 10 percent, as it previously forecast in April.
The IMF is now even more optimistic than the Singapore government, which expects the economy to shrink by 4 to 6 percent this year.
Best of all, the IMF expects the Singapore economy to grow by 4.1 percent next year. That will make it the fastest growing among the advanced economies, which excludes countries like China and India. The only other advanced economies expected to grow by more than 3 percent next year are Taiwan (3.7 percent), Slovak Republic (3.7 percent), South Korea (3.6 percent) and Hong Kong (3.5 percent).
This chart is taken from the second chapter of the IMF's World Economic Outlook October 2009.
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IMF has made asking for money so obvious. The IMF might have seen how rich Singapore is. And when those clowns squandered hundred of billions of dollar and still live a blissful life, the IMF thought it is far richer than it thought and now asking the Singapore to contribute more money to IMF. What better way to do ask for even more money but to put a spin that Singapore is improving miraculously next year. If Singapore says no, IMF will say that our record shows that you going to improve tremendously next year, so right now we want you to give us more money.
Which fool the world the world will ever trade the current for the future ? But then, Singapore leeders have never been known for their practical intelligence.