Retail in Asia

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Singapore economic outlook improves

Singapore’s economy contracted more slowly in the fourth quarter than the government initially estimated due to stronger manufacturing and construction, prompting the government to raise its forecast for economic growth in 2010.

Despite the brighter outlook, Singapore’s central bank gave no indication that it intends to tighten monetary policy at its semi-annual policy meeting in April.

At the same time, the Monetary Authority of Singapore announced new measures to cool down the property market, fearing that a real estate bubble may be in the works as Singapore leaves the recession behind.

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(Source: The Wall Street Journal Online)