The economic recovery in the OECD appears to be on track, according to the latest composite leading indicators released on Friday.
OECD composite leading indicators (CLIs) for August 2009 continue to point to recovery in all major economies with CLIs for France and Italy pointing to a potential expansion...
The CLI for the OECD area increased by 1.5 point in August 2009 and was 0.6 point higher than in August 2008. The CLI for the United States increased by 1.6 point in August, 1.6 point lower than a year ago. The Euro area’s CLI increased by 1.7 point in August, 4.1 points higher than a year ago. The CLI for Japan increased by 1.3 point in August, 3.9 points lower than a year ago.
As if to emphasise the global economic recovery, Singapore today reported a strong set of third quarter GDP numbers. CNA reports:
The economic growth forecast for 2009 has been revised upwards to between -2.5% and -2.0%, the Ministry of Trade and Industry said in a news release Monday.
It also said the Singapore economy expanded by 0.8% year-on-year in the third quarter of 2009 with growth driven by the biomedical and electronics sector and improvements in the trade-related and tourism sectors of the economy on the back of a gradual stabilisation in global economic conditions.
This is the first such growth in five quarters.
Advance estimates by the MTI show that in the third quarter of 2009, Singapore’s GDP expanded by 14.9% on a seasonally-adjusted quarter-on-quarter annualised basis, following a 22.0 per cent expansion in the second quarter of the year.
Monetary policy in Singapore remained unchanged as the Monetary Authority of Singapore today said that it will maintain its current policy of zero appreciation of the Singapore dollar.