S'pore could see negative growth in 2009, PM warns
Tuesday, 18 November 2008
SINGAPORE, Nov 17 (AFP): Singapore, which is already in recession, could experience negative growth next year, the city-state's premier has warned.
Prime Minister Lee Hsien Loong said the recession will probably last a year but beyond that there could be several years of slow growth.
"Let us prepare for the worst while hoping for the best," he told a conference of his People's Action Party Sunday.
Growth in 2009 could be negative, he said, according to a text of his remarks received today.
To help deal with the downturn and to prepare for the future, the government is bringing forward its budget from February to January, Lee said. The proposed budget will include measures to support growth and jobs, strengthen business competitiveness and stimulate domestic demand, he said.
At the same time, Singapore is in a strong position, Lee said.
Two casino projects under construction are starting to recruit thousands of employees while "many plants" are setting up in Singapore, he said.
Prime Minister Lee Hsien Loong said the recession will probably last a year but beyond that there could be several years of slow growth.
"Let us prepare for the worst while hoping for the best," he told a conference of his People's Action Party Sunday.
Growth in 2009 could be negative, he said, according to a text of his remarks received today.
To help deal with the downturn and to prepare for the future, the government is bringing forward its budget from February to January, Lee said. The proposed budget will include measures to support growth and jobs, strengthen business competitiveness and stimulate domestic demand, he said.
At the same time, Singapore is in a strong position, Lee said.
Two casino projects under construction are starting to recruit thousands of employees while "many plants" are setting up in Singapore, he said.