On Monday, former Prime Minister Lee Kuan Yew stated that after suffering the worst recession this year, Singapore is expectant to grow by around 3 percent next year with the help of the island's heavy dependence on exports to rich markets.

Perceiving the utmost proportion in the world, the Singapore international trade was 360 per cent of its gross domestic product. Consequently, less relentless than the preceding forecast of 4.0-
6.0 percent, the government currently predicts a gross domestic product contraction of 2.0-2.5 percent this year.

Commencing a year ago, the economy grew by an estimated 0.8 percent in the three months to September. However, beating the analyst predictions the key industrial output during September fell 7.7 percent year on year.

Singapore, with its small populace, would want to find other ways to make up for immerse in exports, since US will no longer be able to do so, as Americans have to expend less to pay their debts.

Looking at the low birth rate of 1.28 per couple, Singapore will have to maintain fetching in immigrants to see the growth in the country.

In order to alleviate the blow of any future global economic crisis, the central bank assured that Singapore will ever more look to its services sector as the main engine of enlargement rather than industry sector.

"We will not resume high growth for several years until the major economies in the world have recovered", said Lee Kuan Yew.