Singapore economy grew 3.6 percent

Singapore – Trade is Singapore’s lifeblood and a trade war would damage the international trading system that has sustained global economic growth for decades, Singaporean Prime Minister Lee Hsien Loong said here on Monday.

In his annual May Day message, Lee called on Singaporeans to stay united and work together, regardless of domestic or international developments.

According to him, Singapore’s economy, which gained a 3.6 percent growth rate last year, could achieve a healthy growth this year if this momentum is maintained.

He cautioned, however, it will depend on how the external environment shapes up.

“We are making progress transforming our industries and sectors, making them more productive and efficient,” Lee said.

He noted that all 23 Industry Transformation Maps of the country have now been launched and the tripartite partners are working hard to turn these plans into actions.