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Singapore May Revise Up 2009 GDP Forcast -Citi

Singapore government may revise up official 2009 GDP forecast to 3%-5% contraction from current 6%-9% fall on "powerful rebound" expected in 2Q09 GDP, says Citigroup. Tips 2Q GDP +22.8% on quarter in seasonally adjusted, annualized terms, led by surge in biomedical production in April, May, snapping out of technical recession that began in 2Q08; "given the sheer strength of the second quarter rebound, the official GDP forecast...is clearly unrealistic, barring an unexpected double dip, 'W-shaped' recession." Citi revises its Singapore 2009 GDP forecast to 2.7% contraction vs 5% decline previously, says further upgrade possible given chance that 3Q09 GDP may turn positive in on-year terms.