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  1. #1
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    Singapore economy grows by 14.7 per cent in 2010

    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

  2. #2
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    My salary has not grown at all though.

    The value of our flat has grown by about 25% this year though so thats good news if my wife decides to divorce me and I have to go and live somewhere else

  3. #3
    euston has flown

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    I wonder how much of that growth comes from the income that burmise exports generate. Most of which seems to be paid via Singapore, where almost all of it stays.

  4. #4
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    Singapore economy 'second to Qatar'
    01 Jan 2011

    City-state's record economic growth attributed to its manufacturing, finance and tourism sectors.

    The Singapore dollar climbed more than 8 per cent against the US currency in 2010
    [EPA]

    Lee Hsien Loong, Singapore prime minister, has announced a record 14.7 per cent growth in the country's economy in 2010, making it the second fastest growing economy in the world, behind Qatar.

    Gross domestic product expanded 12.5 per cent in the fourth quarter from the same period a year earlier, Lee said in a statement on Friday.

    Singapore's three key sectors, manufacturing, finance and tourism, all flourished this year as the global economy bounced back from an economic downturn triggered by the financial crisis of 2008.

    Singapore seeks to become one of Asia's top gambling and shopping destinations and the opening of the city-state's first two casino resorts this year attracted record numbers of tourists.

    Lee said that the result showed a dramatic recovery from the negative growth of 2009.

    He said that growth momentum in Asia is strong while the US economy remains weak and Europe faces a sovereign debt crisis in several countries.

    "The outlook for the world economy is mixed," Lee said. "Hopefully, Asia will continue to do well despite the weakness in developed countries."

    But he cautioned that the growth figure was a one-off, due to special circumstances.

    He also credited investment in education and support for innovation for driving the economic expansion.

    The government forecasts a GDP growth of between four and six per cent next year.

    english.aljazeera.net

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