S'pore economy already starting to see slowdown: PM Lee

SINGAPORE: Prime Minister Lee Hsien Loong said Singapore's economy is already starting to see a slowdown, particularly in the electronics sector.


But he sounded a note of confidence, saying that Singapore is prepared for the uncertainties ahead.

"The economy... probably will grow slower than last year. We're projecting 1 to 3 per cent growth. We have to take that in our stride, and accept that. But within Singapore, we should continue to build, we should continue to develop, we should continue to prepare ourselves and our next generation for the future," said Mr Lee.

Mr Lee said what the government can do is to improve the education and public transport systems, and build more homes so that young couples can start their families.

He made these points at a Lunar New Year event on Sunday morning in his constituency of Teck Ghee, which is part of Ang Mo Kio GRC.

He also officiated the re-opening of a wet market and food centre at Block 409, Ang Mo Kio Avenue 10, which had recently been renovated.

He said more of such markets will be built over the next few years, with the aim of keeping food prices affordable.

The prime minister also distributed red packets, each with S$150 in cash and supermarket vouchers to low-income residents.

It's a small gesture that brought a smile to housewife Haslinah Mahmood, who said she's concerned her Malaysian husband will be affected by the downturn.

"I'm more worried because he has a work permit. Who knows... if one day he can't carry on working with the work permit, what will happen to us?"

Madam Haslinah has two young children, and she plans to use the money for school fees and transport fares.

- CNA/cc