Singapore's economy to grow by 1.5 – 3.5 percent on year in 2018: PM

Singapore's Prime Minister Lee Hsien Loong said the city-state's economic growth will be 1.5-3.5 percent for the whole year of 2018, while delivering his 2018 May Day Rally speech on Tuesday.

"If all goes well, we should do better than 2.5 percent," he added. "I hope the things hold up, and we get another good year."

Lee said Singapore's economic growth hit 3.6 percent in 2017, which is better than expected, with more new jobs created and average ages going up, thanks to not only the strong global economic growth but also the Singaporean workers' doing their part.  

He said Singapore's productivity growth is particularly encouraging, as it hit the highest height in seven years. "This year, we have sustained the momentum," Lee added.

The prime minister said Singapore will help businesses create new jobs, place displaced workers in alternative jobs, and train workers to grow in their jobs this year.

According to the prime minister, how Singapore's economy does depends on external environment, and the tensions growing nowadays has clouded the outlook. But he added despite long-term uncertainty, Singapore's economy will be alright this year.