Prime Minister Lee Hsien Loong said on Tuesday he does not expect another dip in Singapore’s economy.
Mr Lee was giving his assessment on the global economic outlook ahead of the Asia Pacific Economic Cooperation (APEC) meetings, which will take place in Singapore.
The prime minister noted that most countries are out of the “trough of spasm” that was experienced at the start of the year, and said Singapore is at a stable position.
That’s because of quick government response to the financial meltdown, and measures by the US to strengthen its banking and financial systems. In Asia, Mr Lee noted, China and India have helped to drive growth.
Earlier this year, some economists believed that Singapore might experience a W-shaped recovery — meaning a second dip after this initial bout of recovery.
It is the first time Mr Lee has said that he believes a second recession in Singapore is unlikely for now.
He said the preliminary 0.8 percent year-on-year economic growth in the third quarter this year was “nothing to be proud of, but something to be grateful for”. The government’s GDP forecast for the year is now at minus 2.5 to 2 percent. Continue reading