Singapore's GDP growth revised down to average 2-4% per year from now to 2020: MTI
Add BT as a preferred source
The Ministry of Trade and Industry (MTI) has revised downwards its medium-term gross domestic product (GDP) growth forecast range to 2-4 per cent per year from now to 2020.
The government had previously envisaged growth of 3-5 per cent per annum for the decade as a whole.
The lower forecast range was first announced by Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on April 29, at NTUC's May Day dinner.
Said MTI permanent secretary Ow Foong Pheng: "The revised medium-term growth forecast range takes into account downside risks arising from an uncertain global economic environment, as well as the expected slowdown in resident workforce growth due to our ageing population."
She was speaking to the media on Tuesday morning, at the release of Singapore's Q1 GDP growth numbers.
Mrs Ow added that the government expects to hit its productivity growth target of 2-3 per cent per year from 2009 to 2019 - although productivity growth is "more likely to come in closer to the lower end of the range".
READ MORE:
Share with us your feedback on BT's products and services
TRENDING NOW
DBS completes US$1 billion significant risk transfer deal, in first for Singapore bank
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Singapore private housing is ‘decoupling’ from HDB market as buyer pools diverge: NUS survey
Not in education, employment or training: Why more Hong Kong youths are opting out of work
