Thaindian News

Singapore, Oct 11 (IANS) Singapore President Tony Tan Keng Yam has said it is going to be tougher for Singapore to have high growth rate as the city state moves closer to the income level of the developed countries, but it can still achieve growth of 3-5 percent in the coming years.

Tan said such growth rate will be enough to achieve a better life for all Singaporeans, according to daily Business Report Tuesday, reported Xinhua.

“High rates of growth will become more challenging as we grapple with the limits of our land area and population size, and as our income level reaches that of developed countries,” Tan said at the opening of the republic’s 12th parliament.

Singapore has a well-diversified, financially sound and competitive economy, adequate to see it through tough times, he said.

Tan said growth is not an end in itself and the government seeks quality growth by improving every job, raising the productivity of every worker and helping companies innovate.

“With high quality, inclusive growth, we can afford to invest in our people, our country and our future,” he said.

Tan said the world economy is likely to be sluggish for an extended period and could well dip into another recession, which ” will inevitably affect Asia and definitely Singapore,” he said.