|
 |
|
Source:
www.gov.sg |
|
PRIME MINISTER'S NEW YEAR MESSAGE
2006 |
|
|
2005 has been an eventful year. It began
with countries around the Indian Ocean struggling to recover from the
Boxing Day tsunami, and Singapore doing our best to help them. |
|
Later, the world saw the devastation caused
by Hurricane Katrina in the US and the earthquake in Kashmir. The war on
terror continued, with terrorist attacks in London, Bali and elsewhere. |
|
Although Singapore was not directly hit, we
too felt the impact. We live in an interdependent, borderless world, and
are affected by events far away from us. |
|
Fortunately, the overall environment in Asia
stayed favourable. Powered by the twin engines of China and India, the
region brims with confidence and dynamism. Closer to home, our immediate
neighbours continue to do well. |
|
Economic Performance & Outlook |
|
The Singapore economy has grown steadily, not
only because of this favourable external backdrop, but also because our
restructuring and upgrading policies are working. |
|
We grew by 5.7% in 2005, better than
expected. Growth was broad-based. Manufacturing output rose sharply and
the services industries also did well. |
|
Many businesses, from banks to shipyards,
reported better results. A record 9 million tourists visited Singapore,
significantly boosting our hotels and restaurants. Retail sales were
brisk and the property market showed signs of improvement. |
|
In the first three quarters, we created
78,000 jobs. This reduced the unemployment rate to 3.3%. For the whole
of 2005, employment creation should match or even exceed the 108,500
jobs recorded in 2000. Wages increased by around 4% and many workers
enjoyed good bonuses. Overall, Singaporeans have become more confident
and optimistic. |
|
Our external trade grew strongly by 14% in
2005, helped by our expanding network of free trade agreements (FTAs).
We signed the Comprehensive Economic Cooperation Agreement (CECA) with
India in June 2005, and our FTA with South Korea is expected to come
into effect by early 2006. |
|
We are fostering ties with new partners like
the Middle East and Russia. In addition, ASEAN is building up links with
major economic partners like China, India, and Japan. |
|
Singapore continues to draw in high quality,
high value-added investments. Despite stronger competition, the Economic
Development Board (EDB) attracted $8 billion of fixed asset investment
commitments in the manufacturing sector in 2005. |
|
In addition, project commitments in the
services sector are expected to generate total business spending of $2.4
billion annually. These investments will generate over 18,000 new jobs
and many spin-offs for the economy. |
|
Looking ahead, our economic prospects remain
positive. Barring shocks, the Singapore economy should grow by 3 to 5%
in 2006. |
|
In manufacturing, we are exploiting research
and development (R&D) to become a global leader in niche areas. We are
consolidating our position as a major chemicals hub, with many
investments in the pipeline. We are developing the biomedical sciences
as another key growth area. Major investments in new pharmaceutical
plants will boost our production capacity. |
|
The electronics industry is also moving
upstream into new areas such as next generation display technologies.
This upgrading of the manufacturing sector will mean more jobs in coming
years for engineers and skilled workers, and provide a boost to the rest
of the economy. |
|
In services, we successfully hosted the
International Olympic Committee (IOC) Meeting in 2005 and will be
hosting the International Monetary Fund/World Bank Group Annual Meetings
in 2006. We are calling tenders to build two integrated resorts, which
will bring in many more tourists and add buzz and excitement to our
city. |
|
We are developing competitive strengths in
new, rapidly growing service industries like digital media. Leading game
developers and media production companies are setting up studios in
Singapore to create video games and feature films. In 2005, we played
host to the World Cyber Games, the equivalent of the Olympics for
computer games. |
|
Other service activities like wealth
management, international trading, logistics, education and healthcare
are also doing well. |
|
To sustain growth, we must press on with
economic restructuring. We have to continue to change and adapt, in
order to stay competitive and vibrant. |
|
Other countries are rapidly transforming
themselves, so we too must reinvent ourselves to stay ahead. Central to
this strategy are our efforts to educate our people, and to train and
re-train our workers, to keep them employable and in demand as the needs
of industries change. |
|
More..... |
|
Source:
www.gov.sg Press Release 31 Dec 2005 |
|
 |
|
Important
Notice |
|
Our FrontPage
Editions are a historical record of our Web site and reflect
the changing of the times, and also of our Web site through
time. We do not and will not update the links and stories on
these FrontPages even if they have become obsolete. |
|
FrontPage Edition: Sat 31 Dec 2005
All rights reserved
