By Elizabeth Wilmot

SMALL and medium-sized enterprises (SMEs) appear to be defying the air of gloom and are coping with the slowing economy, said Defence Minister Teo Chee Hean last night.

He told the Rotary-Asme Entrepreneur of the Year Award ceremony last night: 'Ground feedback gathered by Spring Singapore highlights that while SMEs are expecting lower growth, they are still hopeful about achieving modest growth for this year.

'The services sector, comprising largely SMEs, has continued to grow by 6.1 per cent in the third quarter.'

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