"No immediate need" for measures to cushion S'pore economy
There is no immediate need for the government to step in with measures to cushion the Singapore economy from the slowdown in external demand.
SINGAPORE: There is no immediate need for the government to step in with measures to cushion the Singapore economy from the slowdown in external demand.
This is even though the ongoing debt crisis in Europe remains worrying.
Second Minister for Trade and Industry S Iswaran said in Parliament on Monday that Singapore's exports have been affected by the slowdown in major economies like the US and China.
Total non-oil domestic exports growth slowed from 6.1 per cent in the first quarter of 2012, to 2.5 per cent for the first two months of the second quarter.
"Singapore's labour market remains tight, with healthy employment creation and a low unemployment rate. Our NODX to regional trading partners, such as Indonesia and South Korea, continue to expand at a brisk pace, due to their resilient domestic demand," said Mr Iswaran.
"Supported by these factors, we still expect the Singapore economy to register positive growth of one to three per cent this year," he added.