08 Aug '11, 11am

Singapore revises 2011 growth forecast to 5-6%

Singapore revises 2011 growth forecast to 5-6%

SINGAPORE: Prime Minister Lee Hsien Loong has urged Singaporeans to be attentive to global trends and take a longer-term view of the future, while addressing concerns at home. In his annual televised National Day message, Prime Minister Lee also cautioned against turning "negative on foreigners" who have helped Singapore prosper. Giving an update on the economy, Mr Lee said the GDP grew 4.9 percent in the first half of this year. Unemployment remains low, at 2.1 percent. And against the recent market turmoil, Singapore is now projecting steady growth of 5 to 6 percent for 2011 - a one percentage point reduction from the 5 to 7 percent forecast earlier. Prime Minister Lee said Singapore is in a defining moment in its history. "Our growth strategies of upgrading education and skills, and breaking into higher-value sectors have created good new jobs for Singaporeans. Compared...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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