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Banker says Singapore gov't too pessimistic on economic outlook

01-12-2012 10:53 BJT

SINGAPORE, Jan. 12 (Xinhua) -- Piyush Gupta, chief executive of Singapore's DBS Bank, has said the government may be too pessimistic on the outlook of the city state's economy in 2012.

Local daily Business Times on Thursday quoted Gupta as saying that he is cautiously optimistic that the economy won't turn out as badly as projected.

"If I have to do a range, my range will center around 3 ( percent)," Gupta said.

Deputy Prime Minister and Minister for Finance and Manpower Tharman Shanmugaratnam said recently Singapore is expected to experience "sub-par growth" for at least the next two years.

The current official forecast is 1-3 percent growth this year, below the long-term potential growth rate of 3-5 percent.

Gupta said he was talking to professionals from the different industries and "nobody is seeing a huge sharp drop so far."

"So I think it will slow, but nobody is seeing a massive decline so far. People are all cautiously optimistic, frankly," he said.

Robert Prior-Wandesforde, director of non-Japan Asia economics at Credit Suisse, also said at a recent press briefing that the Singapore government may be a bit too pessimistic.

He said Credit Suisse expected the economic growth to be at the upper end of the official range, though the inflation momentum is expected to be still significant given the tight labor market.

Editor:Zhang Hao |Source: Xinhua

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