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Horoscope: ASTROLOGY ZONE® by Susan Miller        Singapore Time

 

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  4D/Toto/Score

  Prime Minister's National Day Message

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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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