(EMAILWIRE.COM, July 14, 2010 ) Cheyenne, WY - The ministry of trade and industry in Singapore highlighted a higher growth rate compared to the earlier estimate of 7 to 9 percent. This is clearly an indication that Singapore and many other Asia-Pacific region are returning back to an improved state of economy compared to the downturn that took place last year.

In fact, it has been considered that Singapore is becoming one of the fastest growing economies of the world. The massive growth rate that took place in the first half of the year has prompted the government to declare that the economy of the country is currently expecting a growth rate of 15 percent. This amount is in fact four times the amount of the expectation of the growth rate of the economy of US.

Singapore is an open economy and it is an important financial center. The global economic crisis affected the economy of Singapore greatly to the extent that it came down to a rate of 1.3 percent in the year 2009. However it is now in a condition to grow rapidly.

As per the data of the reports, it was shown that compared to the last three months, the economy of the country went up high to a rate if 19.3 percent. At the same in comparison to the gain made in the second quarter of the previous year, this year’s second quarter reflected a growth rate of 26 percent.

Apart from Singapore, Australia and Japan also estimated higher economic growth. As far as Australia is concerned, on Wednesday, it projected a growth rate of 2.25 percent for the fiscal year 2009-2010. Previously, it had made an expectation of around 2 percent. On the other hand, the International Monetary Fund also claimed that this year the economy of China and India would probably grow at the rate of 10.5 percent and 9.4 percent respectively. It has also said that the US economy would grow at a rate of 3.3 percent.

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