Lim Hng Kiang: Pipeline of investments into Singapore continues to remain strong
Trade and Industry Minister Lim Hng Kiang says the pipeline of investments coming into Singapore continues to remain strong.
He made the point to the media on the sidelines of the ASEAN Economic Ministers meeting in Cambodia, a day after the Ministry of Trade and Industry (MTI) released latest economic numbers.
MTI has forecast that growth for this year would be around 1.5 per cent.
Mr Lim said there are two key reasons for the slowing down of economic growth.
First, is the external condition when growth is slowing down in Singapore's big trading partners like the US, Europe and Japan.
Second, on the domestic side, Singapore is undertaking a major restructuring process like the tightening of foreign labour.
Despite these situations, Mr Lim says the country's investment targets are on track.
When questioned about the possibility of Singapore entering a technical recession this year, Mr Lim said there is no way to predict.
But he stressed there are bigger challenges in managing the Singapore economy.
These include making sure unemployment is low and that Singapore continues to be competitive.
MORE SINGAPORE NEWS
Latest Photo Galleries on xinmsn
In the midst of a historic drought, Los Angeles is increasing efforts to go after people who waste water. Five water conservation "cops" dri... More In the midst of a historic drought, Los Angeles is increasing efforts to go after people who waste water. Five water conservation "cops" drive around the city every day educating homeowners about the drought. Duration: 02:17
Date 7 mins ago, Duration 2:17, Views 0