Singapore Raises Growth Forecast 7%-8%

SINGAPORE, Aug 8 (Bernama) -- Singapore has raised its growth forecast to between seven and eight per cent this year after registering a higher-than-expected growth of 7.6 per cent in the first half of this year.Prime Minister Lee Hsien Loong who revealed the figure in his National Day message, said that a total of 111,000 jobs have also been added during the period, which is the highest ever."Unemployment is very low, at 2.4 per cent. Workers are enjoying good wage increases and higher bonuses because businesses are doing well," he said in the message aired on national television this evening.Lee said: "Singapore is growing not just because of more investments or more workers. Our people are adapting and working smarter. We are organising ourselves more efficiently, and making better use of our resources."In short, we have increased our productivity. Our efforts to transform our economy are paying off. The global economy is continuing to change. If we keep on adapting and readapting to it, we can keep growing strongly for many more years".He said that Singaporeans had many things to cheer about but challenges remain, particularly a widening income gap."With globalisation, hundreds of millions of unskilled workers are joining the global economy. They are pushing down wages at the lower end. Rapidly changing technology is also making jobs more complex. People with skills and high ability are in growing demand, and being paid more," he said.Another reason for the widening gap is the island state's ageing population."Singaporeans are living longer than ever. We must help our elderly live comfortably by keeping medical care affordable, making our city barrier-free, and our public transport wheelchair friendly," he said.Nevertheless, Lee foresees favourable conditions ahead."It has been ten years since the Asian financial crisis. Asia has progressed, and become more developed and dynamic," he said.He said Singapore has many strengths to draw on, such as a clean and corruption-free society; disciplined and well-educated workers; a cohesive, multi-racial community and a capable and vigilant security forces.