For the first time since 2000, it looks like Singapore’s booming economy may outpace even China’s with its GDP to grow by 10.8% in 2010, according to a median of 13 estimates collected by Bloomberg. This could be the result of Singapore’s recent diversification away from electronics exports and into areas like pharmaceuticals and casino developments. Singapore’s stock market has also performed better than others in the region, such as Japan, Taiwan, Australia and Hong Kong. While the good news is exciting investors, others caution that Singapore’s government will need to take action against rising inflation, and that industries like pharmaceuticals and casinos can be volatile, putting the economy at risk should the rest of the world suffer another downturn. For the moment though, figures are definitely heading upward even in Singapore’s other key industries, with manufacturing up 45% in 2010′s first five months.

source & article: Bloomberg