The growth of Singapore’s economy during the last quarter was extra ordinary. It increased by 15.5% from a year ago and 38.6% from the previous quarter. The most important reason for the growth was a massive increase in the manufacturing sector.

If global economics trends do not get worse, the country’s annual growth rate could be more than official forecasts of 7 to 9% during the year.

If the American economy keeps on growth track, Asia continues its growth and global electronics industry keeps growing it will push the economy of Singapore to achieve impressive figures.

But concerns remain including problems in the European Union, Singapore's largest export market and also continuing increases in Asian asset prices can play spoilsport for the Singapore economy.

Analysts also felt that there are still lots of concerns and these cannot be discounted and can significantly impact the Singapore economy. But some of the economic experts felt that the economy will grow much better than Government anticipated figures.

Others feel that the recovery in electronics market due to better performance of smart phones in Asia could also help Singapore economy significantly. The increasing business activities in Asia coupled with mergers and acquisitions will help Singapore economy to post better than expected growth.

Citigroup also forecast that Singapore economy will grow by 9.5% during the current year.