Singapore’s Prime Minister, Lee Hsien Loong recently announced that the country’s economy was expected to grow by close to three per cent this year.<\/p>\n
Speaking to about 200 Singaporeans living in Washington during a reception at the Singaporean Embassy in the United States, he said this was an advance estimate from the Ministry of Trade and Industry.<\/p>\n
“The ministry’s estimate puts the year to year growth for the third quarter of this year at 4.6 per cent,” he said in his upbeat assessment of the country’s prospects.<\/p>\n
He noted that the estimate was based on a strong showing by the manufacturing sector, while the services sector had also performed notably well.<\/p>\n
The Government had in August revised its growth estimates for 2017 to between 2 and 3 per cent, and Lee said he expects the full year figures will be at the upper end of this range.<\/p>\n
He was on a six-day visit to the US, where he met President Donald Trump and other key administration officials.<\/p>\n
Lee also took part in two dialogues – at the Economic Club of Washington, DC and at the Council of Foreign Relations.<\/p>\n
During his visit, Singapore Airlines and Boeing also signed a S$19 billion agreement for at least 39 new planes.<\/p>\n
In his speech, he also the Singaporeans there that Singapore’s ties with the US are wide-ranging, and these go on regardless of a change in administration.<\/p>\n
“It is also important for Singapore leaders to get to know key players in every administration, as there is much at stake in Singapore’s ties with the US.<\/p>\n
“The US is a big factor in the region and it is important to know its thinking and preoccupations,” he noted.<\/p>\n
He said that though the Singaporean economy is doing better, a difficult part it needed to work on is improving productivity.<\/p>\n
“We have to work at it patiently sector by sector,” he said, noting that 23 industry transformation maps are being rolled out to help on this front.<\/p>\n
These will help “create better jobs for our people” and better assurance that they will have good jobs, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
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