The Lion City expects its economy to probably expand at a slower pace in the next few years, according to a Bloomberg report.
In a statement, Finance Minister Tharman Shanmugaratnam said that Singapore's growth will be hurt by an uncertain global economy and so the government will increase spending in the next five years.
Europe’s debt crisis and a faltering U.S. recovery have hurt demand for Asian goods, raising the threat to regional growth and prompting some central banks to start cutting interest rates or refrain from increasing borrowing costs. Singapore’s central bank will remain “vigilant” against a resurgence in inflationary pressures and price gains are expected to moderate toward the end of 2011, Shanmugaratnam said in the report.
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