PM Lee tells Singaporeans to keep their expectations low

The PM said it is more realistic to expect a 3-5% growth in the medium term for 2011 as Singapore is unlikely to achieve a repeat of the double-digit growth it is experiencing this year.

PM Lee spoke to Singapore reporters after the two-day APEC meeting in Yokohama, Japan. He said the country likely to achieve growth of between 13 and 15% .or the whole of 2010.

The PM said Singapore will not see another quick economic rebound like it enjoyed this year owing to America’s failure to sustain its financial recovery.

"Even if the external conditions are strong, we are not able to expand so quickly unless you are prepared to take in more foreign workers and take the risk of overheating. So we have to moderate down. And I think our estimate of 3 to 5 per cent growth for the medium term is still a good one. If we can do that, we would be doing well,” PM Lee said.