Xinhua, 5 Oct 2008
SINGAPORE, Oct. 5 (Xinhua) -- Singapore is confident to sail through the rough patch of slower economic growth this year as the city state has the right fundamentals, a government minister said on Sunday.
"Our confidence in Singapore is very high. Across the board, manufacturing, services, people are confident about Singapore. Ourproperty market is not as overvalued as many other countries including some others in Asia. We have a strong fiscal system. It's just as well we didn't spend all our surplus last year. We were conservative. We preserved some for the future and that's the right approach," Finance Minister Thurman Shanmugaratnam was quoted as saying by local Channel NewsAsia reports.
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