The iShares MSCI Singapore Index (NYSEArca: EWS) exchange traded fund (ETF) was a decent performer in 2010, as far as global ETFs go. But this year may not necessarily bring more of the same.

The most recent hit to EWS came as Singapore’s government pulled the lid off tightening measures to keep housing prices in check, explains Murray Coleman for Barron’s. [Singapore ETF Positioned for Growth In 2011.]

On top of that, Gaurav Raghuvanshi for The Wall Street Journal reports that export growth  slowed to a 13-month low in December as shipments of key electronics products and pharmaceuticals declined.

Growth picked up in the last three months of the year, but that may be short-lived. Fourth-quarter growth was a nice 6.9%. V. Phani Kumar for MarketWatch reports that this year, however, growth could be more in the 4% to 6% range. [7 Reasons to Think About Singapore ETF.]

Is that any reason to forget Singapore this year? No – that kind of growth is still growth that many developed nations would fall all over themselves for at this point. EWS is still about 5% above its long-term trend line. Although growth may be more tempered this year, Singapore still looks to be on the right track.

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.