Singapore Economy On Track For 5% Growth

06 Dec 2011

Prime Minister Lee Hsien Loong said Singapore's economic growth this year is on track for around 5 per cent.

But he said the outlook is challenging once again.

Speaking at the NTUC's National Delegates Conference, he urged Singaporeans to prepare themselves for slower growth.

He said he can already see our economy losing momentum with signs of shorter workweek and temporary layoffs rising.

Mr Lee said the unionised sector expects the overall retrenchment this year to be 20 per cent higher than last year.

The outlook for 2012 is even more uncertain and that is one reason for the Ministry of Trade and Industry's forecast of 1-3 per cent growth for next year.