Singapore GDP growth forecast to be 2% in 2013

Better compared to 1.2% in 2012.

According to OCBC, Q4 advance flash estimates of +1.1% yoy (+1.8% qoq saar) showed the Singapore economy narrowly escaped a technical recession.

Here's more from OCBC:

Our 2013 GDP growth forecast is 2% yoy, an improvement from the 2012 full-year growth of 1.2% yoy, albeit with a modest H1 growth of around 1.2% yoy before accelerating to 2.9% yoy in H2.

Global food prices and other inflationary pressures may sustain domestic headline CPI inflation to be in the range of 3-4% yoy. As such, the still elevated inflationary environment may mean little impetus for the MAS to deviate from the current appreciation stance in the near term, and the USDSGD may head lower from around 1.20 to 1.18 by end-2013.

For the upcoming Budget, foreign manpower curbs and the productivity push are likely to remain mainstays in 2013, while tweaks may be carried out on housing (lowering the bar for singles?) and COE policies.

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