Singapore needs to transform its economy – urgently: PM

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Singapore port_Arno Maierbrugger
Port of Singapore © Arno Maierbrugger

Singapore must go forward with the urgent task of transforming its economy in order to provide more opportunities for workers and their families to improve their lives, the city state’s Prime Minister Lee Hsien Loong said on April 30 in a message ahead of May Day festivities.

Workers, however, must “actively upgrade their skills,” and employers must work with the government and the labour movement to redesign jobs and develop talent, Lee said.

The message comes at a time when Singapore’s economy has fallen into a rather lackluster state. GDP growth was 2.1 per cent last year – the slowest pace since the 2009 financial crisis. In 2016, growth is expected to remain at between 1 and 3 per cent.

To stay competitive, Singaporeans must become “more productive, innovative and adaptable, and constantly develop new and better ways of doing things,” Lee noted.

“These are not easy tasks, and can only be achieved if government, businesses and workers work together,” he said. “The government is committed to this transformation process, and to supporting those ready and willing to make the effort.”

To enable the transformation, Singapore’s budget this year is focused on new economic measures, including partnering with industry players to develop sectoral transformation roadmaps and investing more in research and development and technology.

He also noted that apart from the ageing population and tight labour market, Singapore faces slowing growth in China and strong global competition.

“This is not the first time that we have had to reinvent our economy,” he noted, adding that he as “confident that we will succeed again if we stay united and work resolutely and patiently at this goal. Together, we can ensure a brighter future for all Singaporeans.”

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Reading Time: 2 minutes

Port of Singapore © Arno Maierbrugger

Singapore must go forward with the urgent task of transforming its economy in order to provide more opportunities for workers and their families to improve their lives, the city state’s Prime Minister Lee Hsien Loong said on April 30 in a message ahead of May Day festivities.

Reading Time: 2 minutes

Singapore port_Arno Maierbrugger
Port of Singapore © Arno Maierbrugger

Singapore must go forward with the urgent task of transforming its economy in order to provide more opportunities for workers and their families to improve their lives, the city state’s Prime Minister Lee Hsien Loong said on April 30 in a message ahead of May Day festivities.

Workers, however, must “actively upgrade their skills,” and employers must work with the government and the labour movement to redesign jobs and develop talent, Lee said.

The message comes at a time when Singapore’s economy has fallen into a rather lackluster state. GDP growth was 2.1 per cent last year – the slowest pace since the 2009 financial crisis. In 2016, growth is expected to remain at between 1 and 3 per cent.

To stay competitive, Singaporeans must become “more productive, innovative and adaptable, and constantly develop new and better ways of doing things,” Lee noted.

“These are not easy tasks, and can only be achieved if government, businesses and workers work together,” he said. “The government is committed to this transformation process, and to supporting those ready and willing to make the effort.”

To enable the transformation, Singapore’s budget this year is focused on new economic measures, including partnering with industry players to develop sectoral transformation roadmaps and investing more in research and development and technology.

He also noted that apart from the ageing population and tight labour market, Singapore faces slowing growth in China and strong global competition.

“This is not the first time that we have had to reinvent our economy,” he noted, adding that he as “confident that we will succeed again if we stay united and work resolutely and patiently at this goal. Together, we can ensure a brighter future for all Singaporeans.”

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