Business News

Wednesday, 31 December 2014 | MYT 4:33 PM

Singapore economy grew by 2.8% in 2014, says PM

SINGAPORE: Singapore's economy grew 2.8 percent in 2014, Prime Minister Lee Hsien Loong said on Wednesday, adding that productivity performance has been disappointing and needs to improve.

"Our economy has performed moderately well in 2014. Growth was 2.8 percent," Lee said in his New Year message, adding that real median incomes continued to rise and have increased 10 percent over the last five years.

The government had previously forecast that the city-state's economy would grow by around 3 percent in 2014.

He added that growth "will be slower than we are used to" due partly to the tightening of policies, including those on foreign workers.

The government's push to reduce a politically unpopular reliance on overseas workers has led to a tight labour market and wage pressure. - Reuters

Tags / Keywords: Economy

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