Singapore posts 3.7% growth in 2013
Singapore – Singapore’s economy expanded by 3.7% this year, within the government’s latest forecast, and could clock a similar pace of growth next year, Prime Minister Lee Hsien Loong said Tuesday.
“Next year we expect to grow by 2-4%,” Mr. Lee said in his annual New Year message. The government revised last month its economic growth projection for 2013 to between 3.5% and 4%, faster than the earlier forecast band of 2.5% to 3.5%.
Noting the city-state’s economic performance will depend on prevailing global conditions, the prime minister said that European and American economies were stabilizing.
“Asian prospects are still positive, but there are problems and tensions,” Mr. Lee said, referring to territorial disputes between countries like China, Japan and South Korea as well as some Southeast Asian countries.
In his message, Mr. Lee acknowledged public concern over Singapore’s heavy dependence on foreign workers, but said the city-state will still need to bring in foreigners to sustain its economy and build infrastructure, even as it slows inflows of migrant workers.