SINGAPORE EXPECTS GREATER ECONOMIC UNCERTAINTIES NEXT YEAR

SINGAPORE, Oct 18 (Bernama) - Singapore is expected to have slower economic growth and greater uncertainties at least over the next year, said Prime Minister Lee Hsien Loong Friday.

"The current global financial turmoil has clouded Singapore's economic
outlook," he said when opening the republic's second major research and
development (R&D) hub, Fusionopolis.

Its first major hub, Biopolis which focused on biomedical sciences opened
five years ago.

"Our economy has gone into recession," Lee said but added that the
government would assure that the country's R&D programme would not be affected
by the economic uncertainties.

He said its funding would not be affected and the government remained fully
committed to investing in R&D in order to develop a key capability that would
keep the republic's economy competitive in the long term.

Last year Singapore spent 2.6 percent of its GDP on R&D expenditure and the
country was on track to achieving its target of 3.0 percent by 2010, he added.

Lee said Singapore's steady commitment would continue to draw researchers
to set up and root their research activities in the city-state, and give
investors the confidence to establish high tech industries and corporate R&D
centres here.

The futuristic 30-hectare Fusionopolis, which will be developed over six
phases, is Singapore's icon for R&D in the interactive media, physical
sciences, engineering and technology.

Altogether, there will be 800 scientists, engineers and game developers at
phase one of Fusionopolis.
- BERNAMA