Singapore needs to be psychologically prepared for the likely effects of the financial distress in Dubai and parts of Europe, reveals the Wall Street Journal, quoting Singapore Prime Minister Lee Hsien Loong.
Lee reveals to the newspaper that its government is carefully monitoring the economy because of the globalised nature of the island nation. "Singaporeans should be psychologically prepared as well, and not let down our guard too soon," Lee told the Journal.
To sustain the gross domestic product growth of 3% to 5% over the next decade, Singapore will control the inflow of foreign workers and raise productivity, reports the Journal, citing Lee.
Meanwhile, a report by Bloomberg reveals that after Europe's finance ministers vowed last week to support Greece, investors are looking for greater detail, as well as clues to whether a plan for Greece could also be applicable to Portugal or Spain.