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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (63888)	5/17/2002 2:27:24 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Singapore on solid recovery path this year By Katherine Espina Friday May 17, 12:10 PM sg.news.yahoo.com SINGAPORE (Reuters) - Singapore's struggling economy is turning the corner, with signs of improvement in the first quarter as leading indicators and sentiment pick up alongside recoveries by the export-driven island's major trading partners. The spotlight will now shift to April trade data at 0430 GMT on Friday for assurances the second quarter loses no steam on the back of rising global demand for electronics, which comprise half of Singapore's manufacturing and about 60 percent of its exports. Analysts said strong growth in the first quarter over the last quarter of 2001 puts to rest doubts the momentum will be sustained as the city state emerges from its worst recession in four decades. "Market expectations for the economy have moved up strongly since the U.S. showed such a strong first quarter," said Joseph Tan, an economist at Standard Chartered Bank. "For (Singapore's) second quarter GDP, we expect it to move out of year-on-year contraction. It is likely to be below four percent (growth)." Singapore's gross domestic product (GDP) shrank 1.7 percent year-on-year in the first quarter but grew a robust 7.7 percent versus the last three months of 2001, the government said on Friday morning.