Singapore economy grows by 14.7 per cent in 2010
Zakir Hussain
Dec 31, 2010
Prime Minister Lee Hsien Loong flagged the widening income gap as an issue the Government is trying to tackle.PHOTO: REUTERS
PRIME Minister Lee Hsien Loong on Friday flagged the widening income gap as an issue the Government is trying to tackle, even as the economy grew a record 14.7 per cent last year in a dramatic rebound from negative growth in 2009.
He noted in his New Year message: 'We are striving to ensure that the broad majority of Singaporeans benefit from growth, including the low-income, less-skilled workers and the middle group who feel sandwiched in between'.
He also cautioned that the exceptional growth in 2010 was due to special circumstances and unlikely to be repeated soon.
The official forecast for 2011 is 4 to 6 per cent. Year-on-year, the economy grew 12.5 per cent in the last quarter of 2010.
Mr Lee noted that growth had improved Singaporeans' lives, but also brought a number of challenges. These included: managing the inflow of foreign workers and immigrants, keeping homes affordable, and helping low-wage workers cope with the cost of living.
'We have the means to tackle these problems, and make things better. But in doing so, we must remember to keep Singapore open and welcoming to talent, preserve the value of the flats of 800,000 HDB homeowners, and strengthen the spirit of self-reliance among Singaporeans,' he said.
straitstimes.com