Singapore shows signs of recover

For the first time in a year, Singapore's economy grew by 20% in the second quarter, a sign that Asia is emerging from the global economic crisis. Gross domestic product (GDP), a measure of economic performance, rose by 20.4% in the three months through June from the previous quarter, the Trade and Industry Ministry said. GDP fell 3.7% from year earlier after a 9.6% drop in the first quarter. With such favorable performance, the Ministry of Trade and Industry expects the Singapore economy to contract by 4% to 6% in 2009, an upward revision from the contraction of 6% to 9% that it had forecast in April this year. " Singapore's biomedical sector's growth fuels demand for specialized polymers" Most analysts believe that the Singapore economy is back on its track. The island's economy - which relies on exports, finance and tourism-had contracted the previous four quarters as it felt the full impact of the global recession. The surge in biomedical production contributed to the recovery of the manufacturing sector which fell 1.5% from a year ago compared to a 24% contraction in the first quarter. Construction rose 18% in the second quarter while services dropped 5.1%. But the ministry warned that the rebound in manufacturing may not be achieved in totality as a "sizable part of Singapore's manufacturing uptick came from a spike in biomedical manufacturing output and electronics inventory restocking, both of which may not be sustained," the ministry said. Demand for exports from the U.S., Europe and Japan remains weak, but Singapore's shipments to Indonesia, Malaysia and China have started to pick up. Strong demand within Asia has enabled most Asian countries to survive the crisis. With the favorable growth, analysts see no need to introduce additional stimulus measures. Earlier this year Singapore tapped government reserves for the first time ever to pay for part of a S$20.5 billion budget ($14.13 billion) stimulus package. Data from around the world appear to indicate that the worst of the global recession may be over but questions remain on how long will major economies be able to bounce back and record growth. Biomedical sector drives growth Singapore is a vital component of the Asian success story. Many companies have chosen Singapore as their base in the region despite the gloomy economic outlook. Fuelling growth in the second quarter, biomedical production is expected to trigger demand for polymers given that plastics materials are now being increasingly used in the sector for medical devices and equipment. Major investments have been poured into the biomedical/pharmaceutical industry. GlaxoSmithKline celebrated its 50th anniversary of doing business in Singapore by opening its new S$600 million vaccine plant. This facility is GSK's first primary vaccine manufacturing plant and its biggest investment in Asia. The plant will be one of only two global sites to produce purified bulk polysaccharides and conjugates. Agilent Technologies also officially opened a new life sciences manufacturing facility in Singapore, designed to produce liquid-handling and laboratory robotic instruments. This is Agilent's first facility outside of the United States that manufactures high-precision laboratory automation instruments. The instruments to be manufactured are used by pharmaceutical companies for mass commercial production of drugs. Another company, ICON plc has moved its Singapore central laboratory to a new laboratory to meet the growth in demand for ICON Central Laboratories?services which has increased by 149% over the past six months. The larger facility also enables ICON Central Laboratories to expand its test menu offerings in the region to include increased esoteric testing as well as flow cytometry, molecular diagnostics and biomarkers. The laboratory serves as a regional hub for test samples from Australia, New Zealand, South Korea, Malaysia, and so onGifts for Runners