Singapore economy rebounded in 2013

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singapore squareSingapore’s economy grew by 3.7 per cent in 2013, Prime Minister Lee Hsien Loong said on December 31, as he stressed the need for a balanced approach on foreign workers, whose presence has underpinned growth but riles some citizens.

“Our economy has done well. It grew by 3.7 per cent in 2013 – better than initially expected,” Lee said in his New Year message. The growth for 2013 cited by Lee is in line with the official forecast of 3.5 to 4 per cent growth announced in November. In 2012, Singapore’s economy grew by 1.3 per cent.

Singapore’s manufacturing sector has lagged the rest of the region in the last few years, as its economy becomes increasingly reliant on areas such as trade and financial services as well as tourism and property development. The government will release advance estimates for the fourth quarter on January 2.

Lee’s dominant People’s Action Party (PAP), which has ruled Singapore for more than half a century, is facing discontent over the high cost of living and the reliance on foreign workers on the island of nearly 5.4 million people.

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Reading Time: 1 minute

Singapore’s economy grew by 3.7 per cent in 2013, Prime Minister Lee Hsien Loong said on December 31, as he stressed the need for a balanced approach on foreign workers, whose presence has underpinned growth but riles some citizens.

Reading Time: 1 minute

singapore squareSingapore’s economy grew by 3.7 per cent in 2013, Prime Minister Lee Hsien Loong said on December 31, as he stressed the need for a balanced approach on foreign workers, whose presence has underpinned growth but riles some citizens.

“Our economy has done well. It grew by 3.7 per cent in 2013 – better than initially expected,” Lee said in his New Year message. The growth for 2013 cited by Lee is in line with the official forecast of 3.5 to 4 per cent growth announced in November. In 2012, Singapore’s economy grew by 1.3 per cent.

Singapore’s manufacturing sector has lagged the rest of the region in the last few years, as its economy becomes increasingly reliant on areas such as trade and financial services as well as tourism and property development. The government will release advance estimates for the fourth quarter on January 2.

Lee’s dominant People’s Action Party (PAP), which has ruled Singapore for more than half a century, is facing discontent over the high cost of living and the reliance on foreign workers on the island of nearly 5.4 million people.

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