ECONOMY | Staff Reporter, Singapore

Don’t fear a severe economic crisis this year, says PM Lee

Another GFC is not on the cards.

Singapore’s policymakers do not expect a repeat of the Global Financial Crisis this year, despite intensifying uncertainty fuelled by slowing growth and the steep drop in global capital markets.

In his Lunar New Year message, Prime Minister Lee Hsien Loong said that the government is monitoring these developments closely but does not expect a “severe downturn” akin to the most recent crisis.

“I know that the economic outlook is filled with uncertainty. The world economy is slowing, and even China’s economy is softening. Stock markets around the world are down. Business sentiment in Singapore is guarded,” he said.

PM Lee added that the government will continue to support businesses and workers as the city-state presses on with its broad-based restructuring agenda.
Singapore's economic growth dropped to 2.1% in 2015, the slowest in seven years. Growth is also expected to remain muted this year. 

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