Hemscott, 26 Nov 2008, Reuters
SINGAPORE, Nov 26 (Reuters) - Singapore will not be able to 'pump-prime' its economy in the same way as other countries, because the openness of the economy meant money would go overseas, the Business Times newspaper cited the city-state's prime minister as saying.
Prime Minister Lee Hsien Loong told businessmen in Brazil that Singaporeans spent much of their money on imported goods, so policy could not follow bigger economies where consumption can be boosted through financial rescue packages.
'However, in Singapore, if people spend money, most of it goes overseas because we are so open,' the Business Times quoted Lee as saying
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Singapore PM says cannot pump-prime economy - TheEdgeDaily, 26 Nov 08
