Retail in Asia

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Singapore PM narrows 2012 growth forecast to 1.5-2.5pc

Singapore’s trade-driven economy is likely to grow by 1.5 to 2.5 percent this year, Prime Minister Lee Hsien Loong said on Wednesday, narrowing the outlook from an earlier forecast of 1 to 3 percent.

Lee also said in his National Day address that Singapore’s economy expanded 1.7 percent in the first half, indicating growth in the second quarter was around 2 percent year-on-year – below the median estimate of 2.3 percent from economists.