06 Dec '11, 1am

S'pore economy on track for 5% growth

S'pore economy on track for 5% growth

SINGAPORE: Prime Minister Lee Hsien Loong said Singapore's economy is on track to grow by about five per cent this year but warns that the outlook is uncertain and challenging. He urged Singaporeans to brace for slower growth. Speaking at a gathering of union leaders on Tuesday, Mr Lee said he already sees the economy losing momentum. He noted that there are signs that more companies are going for shorter work week and temporary layoff. Mr Lee told the National Trades Union Congress (NTUC) National Delegates Conference that the unionised sector expects an increase of 20 per cent in retrenchment this year. He said the outlook for 2012 is even more uncertain and that's one reason why the government expects growth to hover between one and three per cent for 2012. However, he had some good news for workers. Real median incomes grew by three per cent between June 2010 and June ...

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

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