SINGAPORE, April 30, 2023 : Singapore is expected to post slower economic growth this year but it "should avoid an outright contraction", Prime Minister Lee Hsien Loong said Sunday. The South-East Asian city-state's economic performance is often seen as a barometer of the global environment because of its reliance on trade with the rest of the world. The financial centre also has one of the busiest ports in the world which serves as a key link between Asia and the rest of the world. In his annual May Day message, Lee said there is hope inflation will let up in the second half of the year and that retrenchment numbers "remain manageable".

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