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In
an annual speech ahead of Friday's national day, Lee also said
the city-state - which is seen as a bellwether for global growth
but also has one of the world's fastest ageing societies - would
raise the retirement age.
"This year our economy has slowed down. Global demand and
international trade have weakened," Lee said.
"This has affected our manufacturing sector and trade related
services. In particular, we are feeling the worldwide cyclical
downswing for electronics," he added.
"Should it become necessary to stimulate the economy, we will do
so," Lee said, without giving further details.
Data next week is expected to confirm Singapore experienced its
slowest pace of expansion in a decade in the second quarter on a
year-on-year basis.
It is also expected to show a near 3% quarter-on-quarter
contraction, reaffirming the risk of a possible recession later
this year.
Singapore's central bank is widely expected to ease policy when
it meets for the second of its semi-annual policy announcements
in October, if not in an off-cycle move beforehand.
With the world's second-fastest ageing society after South
Korea, the global financial hub is growing more dependent on
older residents as birth rates fall and foreign labor is curbed.
The government reached a pact with trade unions and employers
this year to raise the retirement age, now 62, and the
re-employment age - which requires companies by law to offer
eligible employees the option of continuing to work until they
are 67.
In his speech on Thursday, Lee confirmed plans to raise the
retirement age but said the details would be revealed in a
speech on Aug. 18.
(Reporting by John Geddie; Editing by Kim Coghill and Darren
Schurttler)
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