Puzzling stellar economic growth with declining exports?
I refer to the article “Chan’s ministry announces 4.4% impressive 1Q growth but analysts “scratching head”” (theonlinecitizen, May 26).
It states that “But the impressive figures quoted by Chan’s ministry did not excite industry analysts and economists. Many are puzzled by MTI’s announcement.
As reported in the media today (26 May), the analysts are scratching their head, trying to reconcile the data showing that electronics production continues to expand while electronics exports have contracted in the past few quarters.
In the meantime, neither MTI nor Chan has explained about the “perplexing” divergence of the manufacturing output and export figures, as highlighted by the industry analysts and economists.
What do you think is going on?”
In this connection, to what extent is arguably, the stellar economic growth due to the increase in infrastructure spending from S$8.5 billion in FY2011 to an estimated S$20 billion in FY2018?
Leong Sze Hian