Singapore - Industry observers are trying to determine whether Singapore's economy is out of the woods now that the Ministry of Trade and Industry has reported that GDP growth for the year should be in the 2 to 4 percent range. The revival of Singapore's economy is intertwined with that of the global electronics industry, which accounts for nearly 2 5 percent of the nation's gross domestic product. A recovery seemed likely in April after the manufacturing index rose 8.1 percent, well above industry forecasts of around 2.5 percent. The April growth reversed two straight months of decline after a 4.7 percent rise in January. But even as the Economics Division of the MTI was releasing its latest data, another Ministry of Trade and Industry report warned of possible problems ahead. In effect, the ministry said that all the economy needs are a few downside surprises beyond Singapore's control to throw the economy into another tailspin.
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