Prime Minister Lee Hsien Loong has outlined how Singapore intends to create jobs and augment incomes as it enters a period of slower economic growth.
Speaking at the NTUC’s National Delegates’ Conference yesterday, PM Lee said the tripartite partnership among the government, employers and unions is even more important as Singapore enters a new phase of growth, which is expected to be slower in the coming years.
According to forecasts, Singapore’s gross domestic product (GDP) will grow between one and three percent next year.
Mr Lee said such low growth “will not be too uncommon” in the coming years, due to a troubled global economy, as well as internal factors such as Singapore’s maturing economy, reduced intake of foreign workers and size constraints.
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