Crisis in Japan, Middle East have low impact on Singapore economy

Although the recent increase in oil prices is likely to have affected global economic activities to some extent, the impact has been small, said Minister Lim Hng Kiang.

According to his speech in the parliament, barring any further deterioration in events in Japan and the Middle East and North Africa region, Singapore's economic outlook remains positive.

Early indicators of industrial production and exports point to growth continuing at a healthy pace. There are also signs that the recovery in the advanced economies is gaining momentum, as indicated by recent improvements in the US job market.

Growth for the year is expected to be in the range of 4.0 to 6.0 per cent, unchanged from the forecast announced in February this year.

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