Singapore plans to almost double its container port capacity after Shanghai overtook the nation to become the world’s busiest harbor, part of Prime Minister Lee Hsien Loong’s push for an economic and popular revival.
Singapore’s growth will weaken further this year after slowing in 2011, constrained by a “difficult” global environment and government efforts to cut foreign-worker inflow, Prime Minister Lee Hsien Loong said.
When dozens of Chinese bus drivers held Singapore’s first strike in 26 years last week, the island deported the perpetrators. Getting rid of the soaring prices that are emboldening calls for higher wages won’t be as easy.
Singapore lowered its forecast for exports this year as a slowing expansion in China crimps demand for the nation’s goods, even as services helped the economy grow more than initially estimated last quarter.
Tony Cousens spent more than S$100,000 ($79,000) to find waiters and housekeepers for the Ramada and Days Hotels in Singapore. Months after the two establishments opened, he is still about 100 people short.