He believes robust growth in Asia will keep economy on track this year
DESPITE the credit crunch in the US, Senior Minister Goh Chok Tong is confident that Singapore's economy can meet this year's official forecast of 4.5 per cent to 6.5 per cent growth.
He said on Sunday that it would be possible as a result of 'robust growth in Asia'.His views echo those of Prime Minister Lee Hsien Loong, who said last week that he was confident the Republic would weather the current global market turmoil and do well this year.
Mr Lee cited robust domestic demand in China and India as one factor that would help boost Singapore and others in the region.
Mr Goh, who is chairman of the Monetary Authority of Singapore, also believes that Asian economies like China, India and Vietnam would continue to grow.
'We are not now overly dependent on the United States economy,' he said, adding that he was 'not overly pessimistic, despite the grave uncertainty over the credit crunch'.
He said: 'This is an international financial crisis forced by the sub-prime problem. The stock market has gone up and gone down and the credit squeeze will go on for quite some time.'
But he acknowledged that if the US economy were to go into a recession for a quarter or two, growth elsewhere would be affected.
'On the whole, the real economy should be on track for some growth this year in Singapore,' he said.
Mr Goh, who was speaking to reporters at his Marine Parade constituency where he handed out hongbao and Chinese New Year gifts to 48 needy residents, also welcomed news of rail lines reaching the constituency.
Transport Minister Raymond Lim announced last Friday that two new underground MRT lines would be built by 2020.
One of these lines, running from Changi to Marina Bay via Marine Parade would allow commuters to travel from Marine Parade to Marina Bay in 20 minutes.
Said Mr Goh: 'I've not got the details yet and I don't know where the station is, but so long as the line passes through or near Marine Parade, that's good news for the residents because then they can go to anywhere in Singapore quite conveniently.'
He also said the Transport Ministry's plans to overhaul land transport was 'good news'.
He added: 'The ministry is putting emphasis on the interest of the public...But the difficult part is the vehicle population growth.
'You can see year after year, there are more and more cars on the road and coming to Marine Parade now takes a longer time.'
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