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1.12 Given the external conditions, I expect
Singapore's economy to continue to grow slowly
in the first half of the year. In the second half,
if the US economy and the global electronics industry
strengthen as we hope, Singapore should also recover
more strongly, and our unemployment should start
to decline. For 2003 as a whole, MTI expects GDP
growth to be between 2% and 5%, although it is
less likely to be at the high end of the range.
Like in 2002, growth is likely to be narrow and
uneven across the different sectors. A broader-based
recovery is not expected until 2004.
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