Singapore Predicts ‘Difficult’ 2012 on Europe, Foreigner Curbs

Singapore’s growth will weaken further this year after slowing in 2011, constrained by a “difficult” global environment and government efforts to cut foreign-worker inflow, Prime Minister Lee Hsien Loong said.

Gross domestic product rose 4.8 percent last year, Lee, 59, said in his New Year message released in Singapore yesterday. That compares with the government’s earlier forecast of a 5 percent increase and a 14.5 percent pace in 2010. The economy will expand 1 percent to 3 percent in 2012, Lee said, reiterating a trade-ministry estimate.