M&C
1 May 2008
Prime Minister Lee Hsien Loong expressed confidence Thursday in Singapore's ability to cope amid the uncertain global economic outlook but warned that 'dark storm clouds have gathered.'
In his annual May Day message, Lee cited the sub-prime mortgage crisis in the United States. 'We must watch closely how the situation in the US unfolds, and be ready to respond if things take a turn for the worse,' he said.
Buoyant industries such as tourism, construction and marine engineering will buffer the city-state from the effects of a possible US recession, he said.
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