22 Nov '11, 1am

Singapore's economy to grow 1% - 3% next year

Singapore's economy is expected to grow by around 5 per cent in 2011, and by 1.0 to 3.0 per cent in 2012 due to a cloudy economic outlook, the Ministry of Trade and Industry (MTI) announced on Monday. -- THE BUSINESS TIMES PHOTO: ARTHUR LEE CH By Aaron Low, Economics Correspondent Buffeted by global weakness and uncertainty, Singapore's economy is expected to grow at a sluggish 1 to 3 per cent next year, the Ministry of Trade and Industry (MTI) said on Monday. And the figure could be even weaker should Europe's debt woes worsen or a full-blown financial crisis erupt in the world's advanced economies, said MTI. The last time Singapore suffered such weak growth was in 2008, the year the global financial crisis hit, when the economy expanded by just 1.5 per cent. It contracted 0.8 per cent in 2009. Related Links VOLATILE ECONOMIC GROWTH GROWTH BY SECTOR 'Global economic condi...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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