3 in 4 Singaporeans flash two thumbs up at economic status

Singapore ranked second in the economic situation poll; guess which country ranked first.

According to poll results from The Economic Pulse of the World, a monthly Ipsos survey, 3 in 4 Singaporeans rated the current economic situation as "Very good" or "Somewhat good." 

Singapore was included for the first time in the poll in May 2012 and came in second place behind Saudi Arabia with 77% indicating they think the current economic situation in their country is “good”. 66% agree the local economy is “strong” (first place) and a 34% agree the six-month outlook for the local economy is going to be “stronger”(seventh place).

Here's more from Ipsos:

This is probably because of the strong economic fundamentals vis-à-vis other neighboring economies or the Western economies. The unemployment rate in Singapore (March 2012) was just 2.1%; this is in stark contrast with some Western European economies where the unemployment rate is in double digits. The consumer price index increased marginally by 0.2% to 5% in May 2012 from a year earlier.

The Monetary Authority of Singapore (MAS) in March 2012 forecast the 2012 GDP growth in Singapore to be around 2.5%. Prasad Shinde, Director for SEA for Ipsos Market Understanding & Measurement, added, “A positive GDP growth rate, marginal change in inflation and low unemployment rate probably has contributed to Singaporeans being positive about the current economic situation. We see this positive sentiment reflected too in other research we have conducted, with many Singaporeans not cutting back on expenses and many reporting their intention to go on overseas holidays in the year ahead.”

In the monthly poll conducted across 24 countries, the mood darkens after a three-month standstill: the global aggregate national economic sentiment drops one point to 38%. In fact, all three aggregate metrics that are measured monthly – assessments of their current national economy (-1 point to 38% “good”), current local economy (-1 pt to 29% “strong”) and future outlook (-2 pts to 24% “stronger”) – reflect this drop.