need vs needed

Singapore's Minister Mentor Lee Kuan Yew said on Friday evening that Singapore needs to develop a more advanced bond market.

Speaking at the annual dinner of Association of Banks in Singapore, Lee said that Singapore need to develop bond market to improve liquidity in capital markets, in the face of high savings rates and high debt-to-capital ratios.

He added that Singapore's local banks may need to consolidate if they want to effectively expand overseas.

Why is 'need' used instead of 'needed'? Is it a typo?

Thanks in advance.