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Singapore's GDP growth seen at 3 pct in 2010-min

Mon Nov 9, 2009 5:31am IST
 
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SINGAPORE, Nov 9 (Reuters) - Singapore's economy could grow at a 3 percent annual rate in 2010, a senior government minister said in remarks published on Monday, recovering from a contraction this year.

This is the first time a government official has put a number to 2010 growth, according to the Straits Times newspaper.

The government has said the economy is forecast to contract by 2.5 percent to 2 percent this year.

"We will not resume high growth for several years until major economies in the world have recovered," said Lee Kuan Yew, Singapore's influential former prime minister and current "minister mentor".

A Reuters poll of economists in October showed Singapore's economy may grow at 5.7 percent annual pace in 2010.[SGGDP1]

Singapore's Prime Minister Lee Hsien Loong said last week that the export-dependent economy has bottomed out and he does not expect another downturn. [ID:nSGC003356] (Reporting by Saeed Azhar; Editing by Jerry Norton)

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