Prime Minister Lee Hsien Loong said in his National Day Rally speech on Sunday that Singapore's economic growth will be slow next year as it feels the impact of a weakening world economy. However, the country is not expected to slip into a crisis.
"This year, I think we can get 4 to 5 percent growth. It's not bad. Next year, we expect slow growth and more uncertainties. I'm not predicting a crisis. We're competitive. Investors still want to come to Singapore," he said. As Singapore is heavily dependent on trade, it is affected by the economic slowdown of its biggest export markets in Europe and the United States.
Data released on Monday showed that Singapore's non-oil exports unexpectedly fell by 5.7 per cent in July from a year earlier, providing new evidence that the global economic slowdown is hitting Asia's exporters. - CNA/so
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