Singapore's economy to grow 2.5 - 3.5% this year: PM Lee Hsien Loong
SINGAPORE — The Republic’s economic growth forecast for this year is between 2.5 and 3.5 per cent, higher than previously expected, said Prime Minister Lee Hsien Loong today (Aug 8) in his National Day Message.
The previous official forecast placed growth at between 1 and 3 per cent. In the first half of this year, Singapore’s economy grew by 2 per cent.
“Our economy is holding steady amidst global uncertainties. We are attracting more quality investments. Unemployment remains low,” said Mr Lee. “Even as we tighten up on foreign workers and immigration, we must maintain investor confidence and keep Singapore open for business.”
He noted that the world is “changing rapidly and unpredictably” and Singapore too, is changing.
With a maturing economy and ageing population as well as more diverse and even conflicting interests in society, Mr Lee said that the “road ahead will be different from the road we have travelled”.
“So we must reassess our position, review our direction, and refresh our strategies to thrive in this new world,” he said.
The Our Singapore Conversation, launched to defined citizens’ shared future together, “has helped us crystallise what we aspire to,” continued Mr Lee. “We will set goals and work out plans to realise these aspirations.”
The Republic, in the years ahead, will be one that gives its citizens opportunities to succeed and live fulfilling lives, he said, it will be a nation which defines success in many ways and offers multiple paths to many peaks.
Singapore will also be a “society with safety nets that give people peace of mind. A community where the disadvantaged get help, and those who have done well in turn do more to help others”, said Mr Lee, outlining aspirations gleaned from the Our Singapore Conversation.
As other countries progress, Singapore must stay ahead of the competition and “maintain our standing in the world”, he added.