Singapore's economy is holding steady despite the global uncertainties and likely to grow between 2.5 per cent and 3.5 per cent this year, higher than previously forecast, Prime Minister Lee Hsien Loong said today.
Lee said Singapore recorded a Gross Domestic Product growth of 2 per cent in the first half of this year.
"Our economy is holding steady amidst global uncertainties. We are attracting more quality investments. Unemployment remains low. We grew by 2 per cent in the first half of 2013, and expect to grow by 2.5-3.5 per cent this year, higher than previously expected," Lee said.
"Even as we tighten up on foreign workers and immigration, we must maintain investor confidence and keep Singapore open for business," said Lee in a National Day message.
Lee pointed out that Singapore had made a steady progress in the past year.
In a world that is changing rapidly and unpredictably, Singapore must reassess its position, review its direction, and refresh strategies to thrive, said Lee.
"The world is changing rapidly and unpredictably. Singapore is changing too. The economy is maturing and our population is ageing. Different groups in society now have more diverse and even conflicting interests. Older Singaporeans worry about healthcare and costs of living. Younger ones aspire to wider education opportunities and more affordable homes. Our road ahead will be different from the road we have travelled."
Elaborating, Lee emphasised that Singapore "as a nation defines success in many ways, and offers multiple paths to many peaks."
He said Singapore has a society with safety nets that gave people peace of mind and a community where the disadvantaged were helped, and those who have done well in turn did more to help others.
He added that Singapore must always have able, honest and committed leaders, who can be trusted to serve Singaporeans, and "a good government that thinks and plans ahead, and more importantly feels for the people's concerns and hopes." PTI GS
Singapore celebrates its National Day tomorrow.
