Singapore to Avoid Economic Contraction This Year, PM Says
- Country’s inflation to slow in second half of this year: Lee
- Retrenchment rate remains ‘manageable’ as workers reskill
Lee Hsien Loong
Photographer: How Hwee Young/Pool/AFP/Getty Images
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Singapore should avoid an outright contraction in its economy this year, despite being battered by the effects of a global slowdown, the city state’s prime minister said.
While the city-state’s economic growth will slow, inflation may moderate in the second half of this year, Prime Minister Lee Hsien Loong said in an e-mailed speech. The Monetary Authority of Singapore said earlier this month that the nation’s economy will expand 0.5%-2.5% this year, even as it flagged the possibility of a recession in the US.