There is no immediate need for the Singaporean government to step in with measures to cushion the Singapore economy despite the slowdown in external demand, Second Minister for Trade and Industry S Iswaran said on Monday.

Speaking in the parliament, Iswaran said the government still expect the Singaporean economy to register positive growth of one to three percent in 2012.

"Singapore's labour market remains tight, with healthy employment creation and a low unemployment rate. Our non-oil domestic exports (NODX) to regional trading partners, such as Indonesia and South Korea, continue to expand at a brisk pace, due to their resilient domestic demand," he said.

Iswaran said Singapore's exports have been affected by the slowdown in major economies, including the United State and China.

Singapore's total NODX growth slowed from 6.1 percent in the first quarter to 2.5 percent for the first two months of the second quarter.

Xinhua