The International Monetary Fund (IMF) revised downward 2008 GDP growth estimates of major economies and the world yet again yesterday.
The last update on 29 January forecasted a GDP growth for the world of 4.1%. Now, it was predicted to be 3.7%. US economy was expected to grow slowest among major economies because of the financial crisis faced by it. The revised GDP growth estimates for various economies were:
The world 3.7%
Euro area 1.4%
Hong Kong 4.3%
(Source: The Business Times, 10 April 2008)
At home front, Ministry of Trade & Industry (MTI) forecasted Singapore to grow between 4-6% for whole of 2008. IMF was less optimistic about Singapore and gave a prediction at the lower end of the range provided by MTI. At 4%, this was much slower growth when compared with 7.7% actual growth in 2007.
Written on 4/10/2008 4:16 PM
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