THE worst is over for the Singapore economy and the labour market has stabilised, Prime Minister Lee Hsien Loong said as he sounded a note of cautious optimism last night.
Although the third quarter should be all right, the outlook beyond it is still unclear, he said, adding: ‘No signs of Christmas orders pouring in yet.’
However, Singapore is well-poised to pick up strongly again because of its comprehensive and decisive response to the downturn, Mr Lee said.
Although the economy contracted 6.5 per cent in the first half of the year, it was not as bad as feared, he noted.
‘The eye of the storm has passed,’ he said.
Latest figures show that the economy grew 20.7 per cent in the second quarter over the first quarter, the first positive quarter after four Continue reading
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