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December 13, 2008

Singapore to boost construction, help airlines
Singapore plans to bring forward up to S$4.7 billion ($3.2 billion) worth of construction projects to help the economy, the Straits Times quoted National Development Minister Mah Bow Tan as saying Saturday.

The paper also said, in a separate report, the city-state will cut landing fees and provide discounts to the tune of S$150 million next year to help airlines that use Changi Airport. The beneficiaries include flag carrier Singapore Airlines.

Mah said his ministry hoped to release details of the projects early next year, hopefully before Jan 22 when the government unveils its budget for fiscal year starting April 2009.

Singapore is poised to be emerging Asia's worst-performing economy next year with an expected gross domestic product contraction of 1.1 percent, a recent Reuters poll showed.

The trade-dependent economy, which is also a major Asian financial centre, slipped into a recession during the third quarter.

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