Singapore raises growth forecast for 2013

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Singapore Lee
Singapore Prime Minister Lee Hsien Loong

In a confusing series of revisions of its quarterly and annual GDP growth forecasts Singapore Prime Minister Lee Hsien Loong on August 8 said that the city state’s economy is expected to grow 2.5 to 3.5 per cent this year, higher than  the previous government projection of 1 to 3 per cent.

In a message on the eve of the city-state’s National Day, Lee said the export-oriented economy has “held steady” despite global uncertainties as it expanded by an annualised 2 per cent in the first half of the year, adding that Singapore was attracting “more quality investments.”

“And even as we tighten up on foreign workers and immigration, we must maintain investor confidence and keep Singapore open for business,” Lee said.

Singapore’s exports had been hurt by slowing demand from the US and Europe, although the situation in those markets has improved.

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Reading Time: 1 minute

Singapore Prime Minister Lee Hsien Loong

In a confusing series of revisions of its quarterly and annual GDP growth forecasts Singapore Prime Minister Lee Hsien Loong on August 8 said that the city state’s economy is expected to grow 2.5 to 3.5 per cent this year, higher than  the previous government projection of 1 to 3 per cent.

Reading Time: 1 minute

Singapore Lee
Singapore Prime Minister Lee Hsien Loong

In a confusing series of revisions of its quarterly and annual GDP growth forecasts Singapore Prime Minister Lee Hsien Loong on August 8 said that the city state’s economy is expected to grow 2.5 to 3.5 per cent this year, higher than  the previous government projection of 1 to 3 per cent.

In a message on the eve of the city-state’s National Day, Lee said the export-oriented economy has “held steady” despite global uncertainties as it expanded by an annualised 2 per cent in the first half of the year, adding that Singapore was attracting “more quality investments.”

“And even as we tighten up on foreign workers and immigration, we must maintain investor confidence and keep Singapore open for business,” Lee said.

Singapore’s exports had been hurt by slowing demand from the US and Europe, although the situation in those markets has improved.

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