01 Feb '11, 10pm

[CNA] PM Lee says government has more scope to help Singaporeans deal with rising costs

, Prime Minister Lee Hsien Loong said the government has more scope to implement schemes after last year's strong economic performance. It was a roaring good year for Singapore's economy in the Year of the Tiger, with the economy growing at 14.7 per cent last year. While this meant better bonuses for workers, it also brought its own set of problems such as rising costs. Those aspiring to own cars found it more expensive, as fewer were made available in a bid to curb the car population and reduce congestion on the roads, even as demand rose amid rising incomes. Together with external factors such as higher oil prices and food shortages due to bad weather, prices of consumer goods shot up. Property prices also rose significantly in the past year, boosted by positive market sentiments, low interest rates and high liquidity. Prices of HDB resale flats and private homes rose 14...

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

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