Singapore, Nov 23: Singapore’s economic growth is likely to be relatively slower in the coming decade compared with its past high growth, Minister of State for Trade and Industry Teo Ser Luck said Wednesday.
The city state will face tougher global competition and a tightened supply of foreign workers, he said.
Singapore government moved to tighten its immigration and foreign worker policies after the voters voiced their concerns over the inflow of foreigners in the general election earlier this year.
Nevertheless, Teo said the outlook for Asia is much brighter despite the gloomy global economic climate, reported Xinhua.
He urged local enterprises to tap on government schemes to increase productivity to deal with rising business cost and look overseas for growth and success.
The government will continue to work with local enterprises to identify opportunities, especially niche areas and markets where there are more growth and expansion opportunities, he said.