21. Unexpectedly strong industry sales are prompting some analysts to revise their forecasts for a stronger year. 22. With a smaller November decline, the ministry revised its forecast for industrial output in the fourth quarter. 23. Yet those forecasts could be revised for the worse if the problems in Southeast Asia drag down Japan, which sells about half of its exports to neighboring nations. 24. Because of all the strength, economists have been busily revising their forecasts for this year. 25. But plenty of variables remain unaccounted for, and Assistant Governor Zeti Akhtar Aziz conceded that the growth forecast may be revised in the middle of the year. 26. Economic forecasts were hastily revised. 27. Even Herbert had revised his forecast. 28. First-quarter earnings reporting season begins in April, with some companies expected to warn or revise their forecasts before then. 29. Growth forecasts have been revised downwards and government expenditure has been cut by one-fifth. 30. In a sign Singapore will abandon predictions for healthy economic growth this year, the government announced Monday it will soon revise previous forecasts. |