Singapore economy grew 3.5 percent in 2017 (Source: Bloomberg)
Singapore (VNA) - Singapore’seconomy grew 3.5 percent in 2017, the country’s Ministry of Trade and Industry (MTI)said on January 2.
In his New Year message to thenation, Singaporean Prime Minister Lee Hsien Loong said, the country achievedthe highest economic growth rate projected in the government’s earlier forecastof between 3 and 3.5 percent. The figure shows a robust growth in the country’seconomy from 2 percent in 2016.
According to the MTI, Singapore’seconomy, which depends on trade, saw a remarkable breakthrough in 2017 thanksto higher global demand for electronic products.
Along with economic growth,labourers in the island state also saw their incomes improved, especially forthe low and middle income earners. Besides the impact from global economicgrowth, the improvement can be attributed to higher productivity, andbusinesses’ efforts to renovate and apply modern technology.
The country’s economic growth isexpected to range between 1.5 – 3.5 percent in 2018, according to the ministry.-VNA
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Singapore economy grew 3.5 percent in 2017 (Source: Bloomberg) 
