Singapore's economy to grow 1% - 3% next year

Buffeted by global weakness and uncertainty, Singapore's economy is expected to grow at a sluggish 1 to 3 per cent next year, the Ministry of Trade and Industry (MTI) said on Monday.

And the figure could be even weaker should Europe's debt woes worsen or a full-blown financial crisis erupt in the world's advanced economies, said MTI.

The last time Singapore suffered such weak growth was in 2008, the year the global financial crisis hit, when the economy expanded by just 1.5 per cent. It contracted 0.8 per cent in 2009.

'Global economic conditions are expected to remain subdued in 2012, with the outlook clouded by increased uncertainty and financial volatility,' said MTI.