The government seems to be doing something right. There is growth in the economy despite the bleak global economic outlook.
We have accepted that we will never see the double digits growth anymore and a steady growth of between 2-3% per quarter should be welcomed as good news.
The Ministry of Trade and Industry reported that growth in the manufacturing and services industries helped the Republic’s economy grow 2.5 per cent in the first quarter from a year ago.
The central bank added that the “underlying momentum in the (Singapore) economy remains intact” despite the pullback in the first quarter.
The services producing industries expanded by 1.5 per cent on a year-on-year basis in the first quarter, improving from the 1 per cent growth in the previous quarter. Growth was mainly supported by the wholesale and retail trade, as well as transportation and storage sectors.
Only time will tell if the CFE committee recommendations are just as successful.
Source: The Straits Times