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Singapore's economic growth to slow down in 2012, premier says
Dec 31, 2011, 11:18 GMT
Singapore - Prime Minister Lee Hsien Loong on Saturday projected slower economic growth in Singapore in 2012 at 1-3 per cent because of the ongoing eurozone debt crisis and the difficulties faced by the global economy.
In 2011, Singapore's economy grew at a rate of 4.8 per cent, despite the impact of the European crisis, he said.
In his annual New Year message, Lee said one reason for the sluggish forecast would be the slower pace of admitting foreign workers.
'Admitting fewer foreign workers also means forgoing business opportunities and accepting slower growth,' said Lee, adding that small businesses in Singapore were already feeling the pinch of fewer foreign workers.
'Next year looks ... difficult for the global economy. As a small, open country, Singapore will inevitably be affected,' said Lee.
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