Singapore avoids technical recession; now what?

Given improved data for the first quarter, analyst revised full-year 2012 GDP growth forecast from 2% to 2.7%.

OCBC Bank said:

Q1 GDP flash estimates came in at 1.6% yoy (+9.9% qoqsaar), up sharply from Q4 2011 and avoiding a technical recession.

While the MAS continued to caution on downside risks to the global economy, they indicated that the most significant risks have been contained.

Industrial production also fell less-than-expected by 3.4% yoy (+2.7% mom) in Mar, compared to a revised 11.8% yoy (-1.6% mom) in Feb, suggesting that the Q1 flash growth estimates could be revised higher to 1.9% yoy.

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