Thursday, 1 January 2015 00:00
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SINGAPORE (Reuters): Singapore’s economy grew 2.8% in 2014, Prime Minister Lee Hsien Loong said on Wednesday, adding that productivity performance has been disappointing and needs to improve.
“Our economy has performed moderately well in 2014. Growth was 2.8%,” Lee said in his New Year message, adding that real median incomes continued to rise and have increased 10% over the last five years.
The Government had previously forecast that the city-state’s economy would grow by around 3% in 2014.
He added that growth “will be slower than we are used to” due partly to the tightening of policies, including those on foreign workers.
The government’s push to reduce a politically unpopular reliance on overseas workers has led to a tight labour market and wage pressures.
