SM Goh upbeat about Singapore’s economy in 2008

Singapore’s economy should be on track with the government’s growth forecast of 4.5 percent, says Senior Minister Goh Chok Tong.

Even with the current stock market volatility and credit crisis in the US, Mr Goh says Singapore’s real economy should grow for 2008.

SM Goh is also MP for Marine Parade GRC.

The needy residents at Marine Parade got an early Lunar New Year surprise on Sunday as the Senior Minister handed out “red packets” to them (worth S$100 in cash).

The 46 recipients also got a ComCare Fund check of S$100 and a trolley full of festive goodies.

But they and the rest of Singapore have other reasons to cheer as well.

SM Goh says he is not overly pessimistic about Singapore’s economic outlook for 2008.

He adds that Singapore’s growth should be in line with the MTI forecast of about 4.5 percent because of the robust growth here in the region.

Moreover Singapore is also not too dependant on the US economy.

Mr Goh says: “But of course, if the US economy goes into recession for one or two quarters, that will have an impact on growth elsewhere. China and India too will possibly be affected. On the whole, the real economy should be on track for some growth this year in Singapore.”

And there was more upbeat news for Marine Parade residents, with the Transport Ministry’s recent announcement of MRT lines reaching the area.

With a transport system emphasising on serving the public, residents can look forward to easier access to the rest of Singapore.

But Mr Goh had a concern: “The difficult part is vehicular population growth. We can see year after year, there’s more and more cars on the road. Coming to Marine Parade takes a longer time than before. So we are putting emphasis on the public transport system.”

The Ministry will make its policy announcement on car ownership next week. – CNA/ch

Source : Channel NewsAsia – 27 Jan 2008

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