Economies: Singapore Affected by ASEAN, US

Updated On: Aug 11, 2008

Singapore PM Lee Hsien Loong said the country should expect a bumpy year ahead. Giving a somber assessment during the country’s National Day he cited uncertainties in the USA and ASEAN.

Growth for the first half of the year was 4.5 per cent, a drop from the 7.6-per-cent growth over the same period last year.  And for the whole year, Singapore has revised its growth forecast down to between 4 and 5 per cent.

Mr Lee is not only worried about the situation in the US. Echoing the same sentiments in a speech he gave at the Asean Ministerial Meeting last month, he said: “In South-east Asia, Asean has become less prominent on the radar screen of investors, who are more focused on opportunities in China and India.

“Several Asean countries are pre-occupied with domestic economic and political problems. However, all Asean countries know that we must work together resolutely as a group.

“Singapore will do our part. But we must also maintain our reputation in a turbulent region as an economy that is competitive, a society that is cohesive and a government that is honest and competent.”

Source: TODAY, Bumpy Year Ahead, says PM, 9 Aug, http://www.todayonline.com/articles/269746.asp

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