The Associated Press reported that Singapore’s economy will grow at 5.9 percent in 2006, at the top end of a government forecast, but slower than last year’s 6.4 percent pace, according to a quarterly central bank survey of economists published Friday.
The growth forecast for 2006 is higher than the 5 percent projection made in the December survey after the economy grew at a faster-than-expected 8.7 percent in the last quarter, the central bank said. The latest forecast, based on expectations that global demand for key electronics will remain strong this year, is also at the upper end of the government’s official forecast range of 4 percent to 6 percent.
iShares MSCI Singapore Index (EWS) has recently hit new highs. DBS Group Holdings Ltd., Singapore Telecommunications Ltd. and United Overseas Bank Ltd make up over one third of the holdings in the fund.
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