People walk along the promenade as the sun sets against the skyscrapers in Singapore on Friday. (AFP photo)SINGAPORE - The Singapore economy is expected to grow at the lower end of the 1 to 2% range this year and is not expected to improve substantially next year, the Monetary Authority of Singapore said Tuesday. "Growth is expected to be only slightly higher in 2017," it said. Transport engineering and selected precision engineering clusters within manufacturing are being hit by a slump in demand for oil exploration and production equipment amid the current low oil prices, it added. Singapore Deputy Prime Minister Tharman Shanmugaratnam said recently that the country has to prepare for growth "below 2% for a couple of years."

Source: Bangkok Post October 25, 2016 13:41 UTC