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Singapore Unveils Growth Plan as Globalization Mood Darkens

  • Strategies for next decade favor openness over protectionism
  • Singapore committee sees average annual growth of 2%-3%
1472105186_singapore gardens by the bay
Photographer: Suhaimi Abdullah/Getty Images
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Singapore unveiled a set of strategies that reinforce its long-standing commitment to economic openness, as the trade-dependent nation seeks to drive growth in the next decade after a “dark shift in mood away from globalization.”

The country should deepen its international connections and improve the capability of its people and companies to adapt to new geopolitical and economic realities, according to recommendations released Thursday by the Committee on the Future Economy. These adjustments will enable the economy to grow on average 2 percent to 3 percent a year, said the committee, led by Finance Minister Heng Swee Keat and Minister for Trade and Industry S. Iswaran.