Singapore trims 2011 growth target

SINGAPORE—Prime Minister Lee Hsien Loong trimmed Singapore’s economic growth target for this year amid renewed turbulence in the global financial markets on Monday.

In a message issued on the eve of National Day, Lee said gross domestic product is now forecast to expand 5-6 percent, slightly down from the original projection of 5-7 percent.

Lee also said that the economy grew 4.9 percent in the first half, with unemployment remaining at 2.1 percent.

“Despite some risks on the horizon, we project steady growth of 5-6 percent for 2011,” he said.

The “global outlook remains uncertain” despite continued strong growth in China and India, Lee said, citing the sluggish US economy and Europe’s debt problems as among the major challenges ahead.

Singapore’s trade-reliant economy expanded 14.5 percent in 2010.