Singapore economy still going strong

In his National Day speech yesterday, Prime Minister Goh Chok Tong gave a rosy picture of the Singapore economy. Excerpt from The Business Times:

Growth for the full year is likely to hit 8-9 per cent, Mr Goh said last night. That's the fastest pace in four years and matches that of China, the world's fastest growing economy.

'The economy is growing strongly,' Mr Goh said in a National Day message entitled 'Flying Singapore Higher' - his last as Prime Minister. 'Growth for the first half was 10 per cent,' he said. 'For the whole year we can expect growth to be between 8 and 9 per cent. Now is a good time for me to hand the controls to a new captain and his crew.'

Channel NewsAsia reported that earlier today, Deputy Prime Minister Lee Hsien Loong told reporters at a National Day observance ceremony that Singapore's gross domestic product grew at about 11 to 12 percent in the second quarter.