Singapore GDP Increases 18%

Online, September 4, 2010 (Newswire.com) - Prime Minister Lee Hsien Loong said the country's gross domestic product (GDP) has increased 17.9 percent during the first half of the year compared to the same period in 2009 when the city-state has experienced slow growth due to economic recession.

In his televised speech during the country's 45th National Day, Lee said the government is expecting the growth to continue in the coming months and achieve its 13 to 15 percent annual economic growth forecast.

While the country has emerged from the economic slowdown, the Prime Minister warned Singaporeans to stay "vigilant since the global financial system has not yet fully recovered" and the "economy of the US and Europe has not yet stabilized."

The government attributed the economic growth of 26 percent in the second quarter from the previous three months to stronger exports activities and surge of tourists. According to a recent data, Singapore's monthly tourist arrival has exceeded the 1 million mark for the first time in July.

As the economy grows at a sustainable rate, the government said more foreign workers are needed to "prevent the labor market from overheating". In the first half of 2010 alone, the country has created more than 63,000 jobs and is continuously making programs and policies such as Singapore EntrePass to attract more foreign workers and businessmen.

To allay some concern on work competition, the Prime Minister said the government will control the influx of foreign workers and only allow those who will contribute to the country's economy.

"We will control the influx of foreign talents to ensure that it is not too fast and too large. After all, every thing the government does is for the sake of Singaporeans" Lee said in a statement.

"Other countries are larger than us and they have deeper pools of talents. With this constraint, including the low birth rates in our country, we have to make up for this by allowing foreigners to work here", the Prime Minister added.