Singapore economy grew 3.5 percent in 2017 (Source: Bloomberg)Singapore’s economy grew 3.5 percent in 2017, the country’s Ministry of Trade and Industry (MTI) said on January 2.
In his New Year message to the nation, Singaporean Prime Minister Lee Hsien Loong said, the country achieved the highest economic growth rate projected in the government’s earlier forecast of between 3 and 3.5 percent. The figure shows a robust growth in the country’s economy from 2 percent in 2016.
According to the MTI, Singapore’s economy, which depends on trade, saw a remarkable breakthrough in 2017 thanks to higher global demand for electronic products.
Along with economic growth, labourers in the island state also saw their incomes improved, especially for the low and middle income earners. Besides the impact from global economic growth, the improvement can be attributed to higher productivity, and businesses’ efforts to renovate and apply modern technology.
The country’s economic growth is expected to range between 1.5 – 3.5 percent in 2018, according to the ministry./.