In this article, the prediction depends on the #human factor. The Monetary Authority of Singapore (MAS) surveyed 23 experts in the Singaporean macroeconomics and used the survey results as their predictions to the general public. Although the uncertainty of the prediction was not mentioned in the article, by using one decimal place and by the fact that they believe a change from 2.3% growth to 2.4 % is substantial enough, I believe the error to be less than 0.05%. Finally, I do believe that the experts in question used a similar method to the Padua Rainbow to arrive to their estimates. There isn’t really a phenomenon here but there are observations that the economy is growing. Then they most likely collected data to prove this. To arrive at growth numbers, they must have followed the rule of economic formulas such as how to get the GDP growth rate. Explanation such as the growth of the manufacturing and construction sectors followed and then ultimately, they made their predictions.
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