Singapore Economy Looks Up

24 Dec 2012

Singapore economy is looking up despite global situation and the prospects for 2013 are also bright.

The Consumer Price Index rose and inflation eased to a 2-year low as Singapore economy developed, according to the department of statistics. Core inflation rate in November was 2 per cent and the CPI increased to 3.8 per cent, raising expectations of increased wages in New Year.

The situation for the better was the result of Singapore's tightening the monetary policy for 2012, while its neighbors Thailand and the Philippines cut their interest rates. Goods, including food, price inflation is expected to remain benign. The island economy is expected to expand 1.5 per cent this year.

The persistent pressure on the labor market is expected to result in increased wages. The Singapore dollar has risen 5.5 per cent in 12 months, the second best among Asian currencies. Consumer prices rose by a negligible 0.1 per cent.

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