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Singapore grew a sluggish 1.2 percent this year

Singapore grew a sluggish 1.2 percent this year

Singapore's economy grew at an anemic pace of 1.2 percent for the year, lower than previously estimated, Prime Minister Lee Hsien Loong said Monday.
"The weak US, European and Japanese economies dampened our growth, but some industries have also had difficulty hiring the workers they need to grow," he said in a New Year's message.
Last month, the Ministry of Trade and Industry cut its 2012 growth forecast to 1.5 percent from 2.5 percent. It said the global economy will remain sluggish next year and Singapore will grow between 1 percent and 3 percent.
It said growth next year could be below its forecast if Europe's sovereign debt crisis escalates and if the U.S. can't reach a political deal to avoid automatic tax increases and cuts to spending that have been dubbed the "fiscal cliff."


Updated : 2020-12-05 20:23 GMT+08:00