Singapore’s PM Says Outlook Has Brightened Amid Global Recovery

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Singapore will likely grow faster than previously expected this year, bringing the city-state’s economy back to pre-Covid levels, according to Prime Minister Lee Hsien Loong.

Barring a setback to the global economy, growth this year is likely to exceed 6%, he said in his annual Labor Day message. That would beat the forecast of 4%-6% growth from the country’s Ministry of Trade and Industry.

“The global recession is turning out to be less protracted than we initially feared,” said Lee, citing rebounds in the U.S. and China. “These external trends support our own economic recovery, and justify confidence in our prospects. Compared to a year ago, our outlook has brightened considerably.”

  • The country’s unemployment rate is already coming down, Lee said, and new opportunities in digitalization, automation and sustainability will be opening up beyond this year.
  • Job losses were unavoidable in 2020, and unions helped make sure they were carried out fairly and responsibly.

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