SINGAPORE: Singapore’s economy grew at a slower-than-expected 6.0 per cent in the fourth quarter, pulled down by falling manufacturing output, the government said on Wednesday.

Economists had expected growth of 7.0-8.5 per cent for the last three months of the year.

The estimate for real gross domestic product (GDP) growth, compared with the same period a year earlier, meant a moderation from the revised growth figure of 9.0 per cent seen in the third quarter, the Ministry of Trade and Industry said.

“Growth of the Singapore economy moderated in the fourth quarter of 2007,” it said.
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SINGAPORE : Coping with higher food prices is a global phenomenon, and NTUC Chief Lim Swee Say has called on Singaporeans to be prepared for this new reality.

The best way to meet this challenge is for Singapore to focus on economic development, and according to Mr Lim, this is the most sustainable strategy.

“Because the day we lose our economic competitiveness, then the problem is no longer about inflation. The problem is much worse than that because there will be no jobs. There will be a softening of the labour market and there will be lower pay,” said the NTUC Secretary-General. He was speaking to reporters after opening the new office for the Union of Security Employees.

Mr Lim continued: “If you look at Asia today, for example, a few countries are going through elections. Some have just finished their elections. And what do they talk about? They are talking about refocusing on economic development.
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SINGAPORE : The Manpower Ministry is already working with several employers to re-employ older workers after retirement, even before legislation on re-employment is finalised.

In an interview with Channel NewsAsia, Minister of State for Manpower, Gan Kim Yong says it will take time for a mindset change of the concept of re-employment of older workers.

There have been significant improvements in the re-employment rates of older workers in the past year.

Thanks to the buoyant economy and measures which the tripartite partners have put in place to encourage companies to do so.

One such scheme is called ADVANTAGE, which provides funds for companies to redesign jobs and retrain older workers.
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