SINGAPORE: Singapore economy is not heading for a recession and is on track for
modest economic growth next year. This is according to Minister for Trade and
Industry, Lim Hng Kiang.
Speaking in Parliament on Monday,
the minister said the lacklustre economic growth this year is largely due to
the challenging global economic conditions.
Mr Lim said: "On the economic
growth side, even though the external environment presents very strong
headwinds to Singapore, we expect that we will end the year still within the
range that we forecasted, between 1.5 and 2.5 per cent.
"And that next year, our
growth rate will be below our potential, but we will still continue to enjoy
modest growth, so we can achieve 1.5 to 2.5 per cent this year, and similar
rates next year. So we are not heading to a recession, technical recession
notwithstanding."
Mr Lim also highlighted Singapore's
inflationary risks, and supported the Monetary Authority of Singapore's
decision to use the stronger Singapore dollar to mitigate the impact of
inflation.
He added that Singapore should
not use the exchange rate to cushion the economy and boost the competitiveness
of its exports.
Last week, the MAS unexpectedly
kept its Singapore dollar policy unchanged - that is, keeping a modest and
gradual appreciation of the Singapore dollar on a trade-weighted basis.
-CNA/ac
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