Singapore’s economy picks up steam

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Singapore’s gross domestic product expanded 3.5 per cent in 2017, backed by “the global economic upswing” and improved productivity, Prime Minister Lee Hsien Loong said Sunday in his New Year’s message.

The growth rate hit its highest since reaching 3.6 per cent in 2014, while rebounding from two per cent in 2016 and 1.9 per cent in 2015. The figure also beat the median forecast of 3.3 per cent by 23 private-sector economists and analysts, as compiled by the Monetary Authority of Singapore in December.

Lee further noted that Singapore’s economy was buoyed by an improved manufacturing sector marked by strong external demand for electronics and precision products.

Looking forward in his New Year’s message, Lee noted that Singapore chairs the Association of Southeast Asian Nations in 2018.

“Singapore hopes to take the group forward with our chairmanship themes of ‘resilience’ and ‘innovation,” he noted.

He also said the “external environment will remain uncertain in 2018,” citing tensions over the Korean Peninsula and the threat of terrorism.

Lee also pointed at the upcoming elections in Malaysia and Indonesia in 2018 and 2019, respectively, and said he hoped to keep relations with Singapore’s immediate neighbors steady as they gear up for elections.

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Reading Time: 1 minute

Singapore’s gross domestic product expanded 3.5 per cent in 2017, backed by “the global economic upswing” and improved productivity, Prime Minister Lee Hsien Loong said Sunday in his New Year’s message.

Reading Time: 1 minute

Singapore’s gross domestic product expanded 3.5 per cent in 2017, backed by “the global economic upswing” and improved productivity, Prime Minister Lee Hsien Loong said Sunday in his New Year’s message.

The growth rate hit its highest since reaching 3.6 per cent in 2014, while rebounding from two per cent in 2016 and 1.9 per cent in 2015. The figure also beat the median forecast of 3.3 per cent by 23 private-sector economists and analysts, as compiled by the Monetary Authority of Singapore in December.

Lee further noted that Singapore’s economy was buoyed by an improved manufacturing sector marked by strong external demand for electronics and precision products.

Looking forward in his New Year’s message, Lee noted that Singapore chairs the Association of Southeast Asian Nations in 2018.

“Singapore hopes to take the group forward with our chairmanship themes of ‘resilience’ and ‘innovation,” he noted.

He also said the “external environment will remain uncertain in 2018,” citing tensions over the Korean Peninsula and the threat of terrorism.

Lee also pointed at the upcoming elections in Malaysia and Indonesia in 2018 and 2019, respectively, and said he hoped to keep relations with Singapore’s immediate neighbors steady as they gear up for elections.

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