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4D/Toto/Score
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Prime
Minister's National Day Message
|
(cont'd) |
Back
to FrontPage
of article
Impact
On Singapore |
The weaker external
environment has affected all economic sectors in
Singapore. The worst hit is the manufacturing sector. |
The
economy contracted by 0.9% in the second quarter, bringing
growth in the first half to 1.8%. MTI has lowered this
year’s growth forecast to between 0.5% and 1.5%. Exports
have declined substantially due to the downturn in the US
economy and the global electronics industry. When they
pick up again, we will recover. |
Short
Term Concerns |
I can understand that
right now, many Singaporeans are most concerned about
their immediate needs. Will I still have a job tomorrow?
Can I meet my household expenses? What if I have medical
bills to pay? |
Your
worries are mine too. We are one big family. My Government
will do all it can to help you cope with the economic
slowdown. |
Our
basic safety nets are in place. We have ensured that every
citizen can afford essential medical care, everyone has a
roof over his head, and every child’s education is
looked after. If you face difficulties because of the
economic slowdown, your MPs, Citizens’ Consultative
Committees and Community Development Councils will try to
help you. |
We
have introduced a package of measures to help companies
and workers tide over this difficult period. But these
measures cannot keep our factories running at full
capacity, or make our economy grow by 10% as it did last
year. We have to wait for the wind to pick up before we
can fill our sails again. |
Meanwhile,
I urge Singaporeans to prepare themselves for this
difficult period, for example, by going for retraining and
skills upgrading. This will improve your chances of
finding a new job should you lose your present one, or
getting a better job when the economy picks up. |
Singaporeans
who are having difficulty finding employment should take
on jobs which they normally would not even consider. There
are several hundred thousand foreign workers here on work
permits. They are here because employers cannot find
enough Singaporeans to fill these jobs. Those of us who
are retrenched should consider these jobs. This will not
only give us some income now, but will also impress our
future employers that we are a practical and realistic
people, not fussy workers who prefer to remain unemployed
for long periods. |
Longer-term
Issues |
While we deal with our
immediate difficulties, we should look beyond them to
prepare for the long-term. Even when the external
environment improves, we will face other challenges. For
example, how do we upgrade ourselves, as individual
workers, as companies, and as a country? How do we compete
against China when their workers’ skill-level reaches
and surpasses ours? |
We
cannot do things the old way and still expect to prosper.
We have to work out fresh strategies and develop new
capabilities, to compete not just against the low-cost
emerging economies, but also the developed countries. |
Workers
need to learn new skills for the New Economy. Businesses
should take a hard look at their operations and
strategies, in anticipation of changes in their operating
environment. The Government must manage our economy to be
as productive and efficient as possible. The economy has
to be responsive to market forces, constantly upgrading
and renewing itself. Only then can we continue to attract
investments, and hold our own against other cities and
countries. |
That
is why we have introduced competition into industries
which were previously protected, like banking, or were
monopolies, like telecommunications and power generation.
This is the way to sustain our growth and prosperity. |
The
banking liberalisation has pushed the local banks to
consider merging. I know that this is causing some
anxiety. Small depositors worry about being turned away,
SMEs are concerned that they will not be well served, and
bank staff fear retrenchments. We can and must find ways
to manage these concerns. For example, we are encouraging
banks to provide affordable basic banking services to
low-income Singaporeans, and if necessary, we will make
this compulsory. But we cannot stand in the way of banks
trying to merge and consolidate. Local banks have to
become bigger and stronger, or else risk being completely
knocked out as more foreign banks expand into the
Singapore market. |
Next,
we must look beyond our traditional markets for new
business opportunities. For example, Singapore hoteliers
now own and manage chains of hotels in China, UK and
Australia. PSA runs many ports in Asia and Europe. DBS is
aiming to become a major bank in Asia. |
We
should encourage and facilitate more of our companies to
venture beyond our shores, and become global companies.
This will strengthen our economy, and broaden the basis
for our growth. All economies, as they mature, have to
look abroad for opportunities. Hence US, EU and Japanese
companies are deeply entrenched in many parts of the
world. As our companies invest overseas, they will bring
many benefits to Singapore. They will expand their
headquarters in Singapore and create good jobs for
Singaporeans in their subsidiaries overseas. |
Conclusion |
We cannot afford to sit
still, and watch the world go by. Because we kept rowing
in the past, we had made progress even when the currents
were against us. We must do likewise against the current
economic tide. |
This
year, we celebrate National Day in a more sombre mood. But
we need not be pessimistic. We cannot wave away the
immediate problems, but we have more than adequate
resources to deal with them. We are making difficult but
essential changes that will help us prosper over the
longer term. Let us stay united and resolute, and show
once again that whatever the challenges, together as
partners – the Government and the people – we will
prevail. |
Good
night. |
The End
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