| |
| |
![]() |
| |
|
| |
|
| |
|
SINGAPORE: Global trade and the gradual economic recovery are now facing less threat from protectionist measures compared to last year when the economic slowdown was at its worst.
Speaking in Parliament on Monday, Minister for Trade and Industry Lim Hng Kiang said peer pressure from international forums such as APEC will help keep protectionism under control.
And this is expected to benefit open economies such as Singapore.
Singapore's economy is beginning to pick up on the back of a wider global recovery. But the road to a full recovery is not expected to be a smooth one.
However, the government believes that at least one threat to that recovery is easing.
Mr Lim said in Parliament that the tendencies towards protectionist policies around the world have eased, compared to the height of the global recession.
He said: "Fortunately the protectionist tendencies is lower today then they were at the depth of the recession early in 2009. So for that we should be grateful.
“Secondly, I think many countries together with WTO in Geneva have put the spot light on this and tracking this very stringently, so every trade measure that countries put out, WTO tracks this and put it out in a broadcast measure so that everybody knows which countries are putting additional barriers and which countries are opening up."
And new industries are also expected to help grow Singapore's economy and stimulate job creation.
Mr Lim added that the opening of new facilities within the chemicals and biomedical sector as well as the opening of the integrated resorts will help to boost growth in Singapore for 2010, though contribution from the integrated resorts may be gradual.
He said: "On the contribution of the two IRs, they are only beginning their operation we have to watch it carefully. When they submitted the proposals early the estimate was that they would contribute between 0.5 to 1 per cent of GDP.
“But this contribution will only come about when they are fully operational. So this year when they are only beginning operations we can see the contribution to be slower at the beginning.”
Singapore's economy is expected to grow between three and five per cent in 2010, in comparison to a 2.1 per cent decline in 2009 based on advanced estimates. - CNA/vm
|
