Source : Business Times - 9 Feb 2009
Although Singapore’s open economy has subject it to greater volatility in the global markets, its growth strategy has served it well in the last five years, according to Trade and Industry Minister Lim Hng Kiang.
The Republic has grown faster than most economies in the region and faster than any other country with a comparable level of per capita income, he argued.
At the same time, inflation has been relatively low. Past growth has also helped the country to build up healthy balance sheets that enhanced its resilience.
Speaking in parliament on Monday, he explained to Members of Parliament that the reason Singapore’s economy has contracted more sharply than others has to do with its small size, openness and dependence on external markets - not the result of its growth strategies.
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