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No recession, modest growth next year: Lim Hng Kiang

Published on Oct 15, 2012 3:12 PM
 
Shoppers browse the shelves in a supermarket in Singapore in this May 24, 2010 file photo. Singapore is not heading into a recession and is on track for modest economic growth next year, said Minister for Trade and Industry Lim Hng Kiang said in Parliament. -- PHOTO: BLOOMBERG

Singapore is not heading into a recession and is on track for modest economic growth next year, said Minister for Trade and Industry Lim Hng Kiang said in Parliament.

However, inflation risks remain significant, and will continue to be higher than what Singapore has normally experienced, he said in Parliament today.

"Next year our growth rate will be below our potential, but we will still continue to enjoy modest growth. So we can achieve between 1.5 per cent to 2.5 per cent this year, and similar rates next year," he said.

As for inflation, the Consumer Price Index is expected to come in slightly above 4.5 per cent this year, and between 3.5 per cent and 4.5 per cent next year.

 
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