Singapore’s economy expanded less than previously estimated in the first half of this year and growth may “moderate” in the coming months, Singaporean Prime Minister Lee Hsien Loong (李顯龍) said.
The city-state’s GDP rose 17.9 percent in the six months through June from a year earlier, Lee said in a televised National Day message yesterday. That compares with a record 18.1 percent pace reported last month. The economy may grow 13 percent to 15 percent this year, Lee said, reiterating an earlier forecast.
Singapore is in the running to be the world’s fastest-growing economy this year as it celebrates the 45th year of independence tomorrow with a parade of tanks, artillery and fighter jet displays. The expansion is part of an Asian rebound that has prompted Taiwan, South Korea, Malaysia and India to raise interest rates and Singapore to revalue its currency, even amid concern Europe’s debt crisis may impair global growth.
“Risks remain in the world economy, especially in Europe and the US,” Lee said. “The global financial system is not fully mended. If the world economy turns bad, we will be buffeted. We need to stay vigilant and watch the developments worldwide.”
Singapore’s economy grew an annualized 26 percent in the second quarter from the previous three months as tourism and exports surged, according to initial government estimates released on July 14. The trade ministry will release updated GDP data tomorrow.
A government-appointed panel earlier this year unveiled strategies to help the city state grow at a sustainable rate and faster than advanced economies. The country aims to at least double its productivity growth to between 2 percent and 3 percent annually in the next decade after the rate averaged 1 percent in the past 10 years. It has raised levies on foreign workers to reduce companies’ reliance on cheap imported labor.
Lee said at the end of last year he would “moderate” the inflow of foreign workers so that citizens aren’t “overwhelmed.”
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