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Factories to give economy a boost

Experts raise sector's growth forecast to 5.6%, expect low unemployment

Published on Jun 12, 2014 9:33 AM
Workers at Add-Plus, an electronics manufacturing company that makes printed circuit boards. -- PHOTO: ST FILE

The brighter global economic outlook is giving Singapore's factories a boost and prompting more optimism about the Republic's growth prospects among private sector economists.

The economy should also continue to see low unemployment, a poll of 26 private sector economists by the Monetary Authority of Singapore showed yesterday.

Growth is expected to come in at 3.8 per cent for the full year, which is at the higher end of the official forecast of 2 per cent to 4 per cent.

While the full-year estimate was unchanged from a similar survey released in March, economists now believe that manufacturing will shoulder a bigger burden of growth.

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