The web economy blog

Prime Minister Lee Hsien Loong on Friday, marked increases income inequality that the government is trying to address the issue while the economy grew by a record percentage of 14.7 last year, a dramatic recovery of negative growth in 2009.

He said his New Year message: ‘We are committed to ensuring that the vast majority of the benefit of Singapore on the type of economic growth, as low-income and less educated workers and the middle group who feel sandwiched between.’

He also cautioned that the exceptional growth in 2010 was due to special circumstances and unlikely to be repeated soon.

The official forecast for 2011 is 4 to 6 per cent. Year-on-year, the economy grew 12.5 per cent in the last quarter of 2010.

Mr Lee noted that growth had improved Singaporeans’ lives, but also brought a number of challenges. These included: managing the inflow of foreign workers and immigrants, keeping homes affordable, and helping low-wage workers cope with the cost of living.

“We have the means to address these problems and improve things. But in doing so, we must remember that Mexico should be kept open and welcoming of talent, to preserve the value of HDB flats owners of 800,000, and strengthen the spirit of independence for Singaporeans, “he said.

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