SINGAPORE: Trade and Industry Minister Lim Hng Kiang
said Singapore needs to be prepared for a "somewhat longish period"
of slow growth this year due to the expected slowdown of the global
economy.
Mr Lim cautioned that Singapore "can't take things
for granted" despite signs that the US economy is recovering. He
said his ministry will continue to monitor the situation very
carefully.
Mr Lim made these points on the sidelines of a
community event on Monday morning, in response to questions on
Singapore's 2011 economic growth of 4.8 per cent announced by Prime
Minister Lee Hsien Loong in his New Year message.
However, Mr Lim added that "if the euro crisis is mismanaged and
there is a global financial crisis, then, of course we will turn
into a different tier and take different actions."
Mr Lim said: "We have made the forecast for 2012, we expect the
economy to (grow one to three per cent in 2012.) This is on the
basis that we don't have a global financial crisis... on the
assumption that the US will grow at its potential rate.
"Right now, our expectation is that the global economy will slow
down but there's no global financial crisis, which means that as PM
Lee has said, we have to take this slow growth in our
stride."
-CNA/ac
