Singapore will do well if it manages to achieve an annual economic growth of 2 to 3 percent for the next five years, Prime Minister Lee Hsien Loong was quoted as saying on Friday. The economy has reached a stage of its development where it is no longer possible to expand by 5 to 6 percent each year, Lee said in an interview with tdomestic media. His comments came after data earlier this month showed that full-year growth for 2014 slowed to 2.8 percent from 3.9 percent in 2013, tempered by an uneven global recovery and lacklustre exports. "Domestically, we have to get used to what that means. Three percent (growth) per year means wages will go up correspondingly, gradually, year by year," the Business Times quoted Lee as saying.
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Research Associate at Center for Islam and Global Affairs (CIGA) at Istanbul Sabahattin Zaim University
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