"Singapore economy beats expectations with 5.2% growth in Q3, 2017 forecast raised to 3-3.5% - The Business Times dd 23 Nov 2017
SINGAPORE'S economy performed much better than expected this year due mostly to a strong showing in electronics, prompting the Ministry of Trade and Industry (MTI) to upgrade its 2017 gross domestic product (GDP) forecast on Thursday morning.
Full-year GDP growth is now expected to be 3-3.5 per cent. This is up from an earlier estimate of 2-3 per cent, with the final figure expected to come in at the upper end of the range previously.
The Monetary Authority of Singapore (MAS) said that its forecasts for core and headline inflation remain unchanged. Therefore, its current neutral monetary policy stance announced in October 2017 remains the same, said MAS deputy managing director Jacqueline Loh.
The upgraded forecast dovetails with Prime Minister Lee Hsien Loong's earlier remarks on Sunday that the Singapore economy could expand by more than 3 per cent in 2017. Some private sector economists have also revised their estimates upwards, with three consecutive quarters of growth now in the bag."
It is always very interesting to read about how the GDP or some economic indicators exceeded or fell below expectations when at the time of the forecast, everyone seems to take the forecasters' numbers pretty seriously!
Even the government officials who supposedly have all the numbers to work with using the most powerful machines and most intelligent logics/brain powers!
Alas, now that the GDP growth has beaten everyone's forecast, the government MAY want to SLOW DOWN on the talk of 'we need to raise our taxes to be able to support the social safety net and what not'!
If we traced the National Budget over the last few years, the government seems to like to PUT OUT a gloomy forecast of 'deficits' and then 'surprised' with huge SURPLUSES.
Not sure if Members of Parliaments have ASKED and SCRUTINISED strictly and carefully IF the ACTUAL SURPLUSES were properly accounted for their SUBSEQUENT use. That at the START of each Fiscal Budget debate, maybe the Finance Minister want to SHOW a 'Forecast vs. Actual presentation CLEARLY and then account for them? Notes: If they government is already doing this and I missed it, my apologies here.
Forecast is at best a 'best guess'. Nothing wrong with it. Just that when a forecasted deficit turned into a surplus, the earlier decision to 'raise tax' may be misplaced!!
Maybe when such a situation happen, the 'raised tax' can be refunded back to the tax payers? Just asking.
SINGAPORE'S economy performed much better than expected this year due mostly to a strong showing in electronics, prompting the Ministry of Trade and Industry (MTI) to upgrade its 2017 gross domestic product (GDP) forecast on Thursday morning.
Full-year GDP growth is now expected to be 3-3.5 per cent. This is up from an earlier estimate of 2-3 per cent, with the final figure expected to come in at the upper end of the range previously.
The Monetary Authority of Singapore (MAS) said that its forecasts for core and headline inflation remain unchanged. Therefore, its current neutral monetary policy stance announced in October 2017 remains the same, said MAS deputy managing director Jacqueline Loh.
The upgraded forecast dovetails with Prime Minister Lee Hsien Loong's earlier remarks on Sunday that the Singapore economy could expand by more than 3 per cent in 2017. Some private sector economists have also revised their estimates upwards, with three consecutive quarters of growth now in the bag."
It is always very interesting to read about how the GDP or some economic indicators exceeded or fell below expectations when at the time of the forecast, everyone seems to take the forecasters' numbers pretty seriously!
Even the government officials who supposedly have all the numbers to work with using the most powerful machines and most intelligent logics/brain powers!
Alas, now that the GDP growth has beaten everyone's forecast, the government MAY want to SLOW DOWN on the talk of 'we need to raise our taxes to be able to support the social safety net and what not'!
If we traced the National Budget over the last few years, the government seems to like to PUT OUT a gloomy forecast of 'deficits' and then 'surprised' with huge SURPLUSES.
Not sure if Members of Parliaments have ASKED and SCRUTINISED strictly and carefully IF the ACTUAL SURPLUSES were properly accounted for their SUBSEQUENT use. That at the START of each Fiscal Budget debate, maybe the Finance Minister want to SHOW a 'Forecast vs. Actual presentation CLEARLY and then account for them? Notes: If they government is already doing this and I missed it, my apologies here.
Forecast is at best a 'best guess'. Nothing wrong with it. Just that when a forecasted deficit turned into a surplus, the earlier decision to 'raise tax' may be misplaced!!
Maybe when such a situation happen, the 'raised tax' can be refunded back to the tax payers? Just asking.
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