Singapore Economy Grew 14.7% In 2010

1 Jan

SINGAPORE: Singapore's economy grew a dramatic 14.7 per cent for the whole of 2010, the best growth on record ever for the country.

Economists say the last time Singapore saw anything close to this was from 1968 to 1970 when growth was around 14 per cent.

Fourth quarter figures came in at 12.5 per cent year-on-year.

In his New Year's Message, Prime Minister Lee Hsien Loong described the growth as “a dramatic rebound from negative growth last year”.

But he also tempered expectations, saying the results are because of “special circumstances” and are “unlikely to be repeated soon”.

The Ministry of Trade and Industry (MTI)'s growth projection was for 4 to 6 per cent next year, much lower than this year.

Mr Lee noted that the outlook for the world economy is mixed and cited among other things, pressures in the US and Europe.

He said that Asia is however maintaining a strong growth momentum.

“China and India are forging ahead, and countries in Southeast Asia are growing steadily. Hopefully Asia will continue to do well despite the weakness in developed countries, and create a favourable regional environment for Singa

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