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Singapore economy grew by 3.5% in 2017, says PM Lee Hsien Loong in New Year message

SINGAPORE - Singapore's economy grew by 3.5 per cent in 2017 - more than double the initial forecast - and incomes rose across the board, especially for low- and middle-income earners, said Prime Minister Lee Hsien Loong on Sunday (Dec 31).

The Straits Times - December 31, 2017
By: Elgin Toh
Singapore economy grew by 3.5% in 2017, says PM Lee Hsien Loong in New Year message

In his traditional New Year message, he noted that Singapore benefited from the global economic upswing. But more fundamentally, the better-than-expected growth was because Singapore's productivity - long a challenge for the country - has grown.

"Singaporeans are upgrading and learning new skills, while businesses are innovating and adopting new technology. That is how we will stay competitive and ready for the future."