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Singapore economy grows record 14.7% in 2010: PM

Breitbart.com 01/01/2011 03:49
Singapore economy grows record 14.7% in 2010: PM - Business - economy - Singapore

Singapore's economy expanded at a record 14.7 percent in 2010, Prime Minister Lee Hsien Loong said Friday, in a sharp recovery from last year's recession for the city-state.

It was the best performance ever for Singapore's trade-led economy, surpassing the previous record 13.8 percent growth achieved in 1970.

The annual 14.7 percent surge announced by Lee is also at the top end of the government's growth forecast of 13-15 percent.

For next year, growth will moderate to 4.0-6.0 percent, Lee said.

"The Singapore economy recovered strongly in 2010," the prime minister said in his annual New Year speech.

"This is a dramatic rebound from the negative growth last year.

"We should rejoice in this exceptional performance, but please remember that it is also the result of special circumstances, and so is unlikely to be repeated soon."