Singapore, Dec 3 (IANS) Singapore Prime Minister Lee Hsien Loong has said that the government is no longer aiming for “ridiculously high” economic growth like those seen in the past years, but rather a more sustainable rate of about 2 to 3 percent per year, local media reported Monday.
Lee said at a conference of the ruling People’s Action Party that Singapore’s growth rate used to be 7 to 8 percent per year, and 5 percent on average over the last decade, reported Xinhua.
“Now, if you can do 3 to 4 percent, I think that’s good. As our workforce grows more slowly in future, even 2 to 3 percent will be considered good growth,” Lee said.
Singapore is now one of the world’s richest countries in terms of per capita gross domestic product, compared to its status of a third-world city state only half a century ago.
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