Singapore’s economy last quarter has bounced back in an impressive manner, with the country reaching its largest annual increase in manufacturing output since the 60’s.  Annual gross domestic product rose to 6.9 percent in the three months through December 31 from the last quarter, when it contracted a revised 18.9 percent.  Manufacturing grew 28.2 percent from a year earlier last quarter, after gaining a revised 13.8 percent in three months through September.

The opening of more casinos in the country, run by Genting Singapore Plc and Las Vegas Sands Corp., have boosted Singapore’s economy greatly.  Two casinos recently opened last year, Resorts World Sentosa and Marina Bay Sands.  Resorts World Sentosa is linked to the Universal Studios theme park, while Marina Bay Sands also hosts huge convention centers.

Singapore is one of the first in the region to report data for the fourth quarter.  Expansion by the country may signify that Asia will now outperform other developed markets in the world.

The result of the surge in Singapore’s economy is that inflation has been fueled, and central banks are thus looking to tighten up monetary policy as a result of the predicted growth in Asia.  In November 2010, consumer prices rose 3.8 percent, which was the largest increase in 22 months.  The central bank of Singapore predicts that inflation will average 2 to 3 percent in 2011.

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