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Singapore's surprisingly strong GDP reading released Monday proves that the city state is well along the recovery path, said Timothy Wong, MD & head of regional equity research at DBS Vickers Securities.
"The GDP numbers were a little bit above what we had expected, very slightly. Our sense is that we are still in pretty much a recovery mode and I think we'll probably see much better service sector numbers coming through in the next one to two quarters. So our sense is yes, recovery momentum will certainly be sustained," Wong said on CNBC's Cash Flow.
Government data showed that Singapore's economy grew 0.8 percent in the third quarter from the year before, beating expectations, as a recovery in the pharmaceutical sector extended to the wider economy. From the quarter before, gross domestic product in the July-September period jumped 14.9 percent.
"We are looking at a contraction of 1.9 percent for this year and DBS has a forecast of 5.5 percent for 2010. My own sense is that those are the numbers as they currently stand, but I think as visibility improves going into 2010, there is potential for further upside to those numbers."
On the back of the stronger-than-expected GDP numbers, the Monetary Authority of Singapore (MAS), the country's de facto central bank, said it would maintain its loose monetary policy, citing uncertainty over the sustainability of the global recovery.
"If you look historically in the past, the MAS hasn't really started to move towards an appreciation stance until growth is much stronger and particularly, until inflation picks up about 1 percent. So I think from all indications, the earliest we will see would be round about the first half of next year, possibly even towards the third or fourth quarter."
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