Singapore’s economy grows over 1 percent in 2016

Singapore's Marine Bay. (Source: singapore-guide.com)

Hanoi (VNA) – Singapore’s economy grew over 1 percent in 2016, Singaporean Prime Minister Lee Hsien Loong said in his New Year 2017 message.

According PM Lee, 2016 was a successful year of Singapore in the context of uncertainties in the world economy. The labour market saw positive changes with low unemployment rate and more new jobs created.

Lee said in 2016, Singapore focused on boosting cooperation with big partners to create opportunities for Singaporean enterprises and people.

According to Lee, the prospect of the Trans-Pacific Partnership has dimed but Singapore would continue pursuing other economic cooperation mechanisms, including the Regional Comprehensive Economic Partnership.

Regarding the Singapore-China cooperation, the Chongqing Connection Initiative has seen progress, Lee said, adding that Singaporean enterprises are developing the Kendal Industrial Zone in Indonesia.

Most recently, the country signed a bilateral agreement with Malaysia on constructing a high-speed railway connecting Singapore to Kuala Lumpur, Malaysia’s capital city.-VNA