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Singapore's economy in stable position: PM
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08:25, September 27, 2009

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Singapore Prime Minister Lee Hsien Loong said on Saturday that the country's economy is in a stable position as it has passed the most difficult part of the economic downturn.

According to local TV broadcaster Channel NewsAsia, Lee spoke at a lantern festival celebration that Singapore's economy will be all right this year and even better next year.

The Singapore government has been cautious about the forecast of the economy of 2009. The economy contracted by 6.5 percent in the first half of 2009.

The gross domestic product (GDP) growth forecast for 2009 is between at minus 6.0 to minus 4.0 percent.

The recent data in some key sectors may have further boosted the confidence. Singapore's overall unemployment rate stabilized at a seasonally adjusted 3.3 percent in the second quarter this year, unchanged from a quarter ago. The country's manufacturing output rose 12.3 percent in August over a year ago.


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