Singapore’s Prime Minister Lee Hsien Loong raised his forecast for economic growth to 2.5 percent to 3.5 percent this year, a sign that Southeast Asia is benefiting from recoveries in the advanced economies.
The government previously predicted growth of 1 percent to 3 percent. The economy expanded 2 percent in the first half, Lee said in a televised message yesterday on the eve of the country’s National Day. In 2012, gross domestic product grew 1.3 percent, the slowest pace in three years.
“We have made steady progress this past year,” Lee said, citing the government’s efforts to tame property prices and curb excess borrowing. “Our economy is holding steady amidst global uncertainties. We are attracting more quality investments. Unemployment remains low.”