Strong ties with D.C., Beijing
Singapore’s Prime Minister Lee Hsien Loong says the country’s economy could grow more than 3 percent for the year, exceeding original estimates of half that, or 1.5 percent. Addressing the People’s Action Party’s 2017 convention on November 19, Lee said Singapore has benefited from an improved world economy, but has challenges going into the future.
“Our unemployment remains low, wages have gone up, and most significantly productivity has picked up,” said Lee. “Initially we expected 1.5 percent growth, then we revised it up to 2 to 3 percent. Now it looks like we may exceed 3 percent.”
The economy grew almost 4.5 per cent in 2013, then dropped to less than 2 percent in 2015-16 as the world economy foundered, affecting trade, reported Bloomberg News.
Lee added that Singapore’s relations with both Beijing and Washington are strong. “It’s not always easy to be good friends with both the U.S. and China at the same time,” Lee said. “But as a small nation, we have to make friends with as many countries as we can.” Lee said it was his job to keep Singapore “a blip on the radar” of U.S. officials.
“Last month I visited the U.S. and met President Donald Trump and his key officials just before their trip to Asia,” said Lee. “I shared with them my perspectives, including how Asian countries wanted the U.S. to stay engaged in the region.”
