Results 1 to 3 of 3

Thread: Singapore has to prepare for slower growth: PM Lee

  1. #1
    Join Date
    May 2008

    Default Singapore has to prepare for slower growth: PM Lee

    Singapore has to prepare for slower growth: PM Lee
    But technical recession may be avoided for now, says Mr Lee at end of visit to New Zealand
    by Imelda Saad Aziz 04:45 AM Oct 10, 2012

    WELLINGTON- Contrary to expectations following weak economic data, Singapore may avoid a technical recession for now, Prime Minister Lee Hsien Loong said yesterday.

    But it could well be inevitable further down the road as growth slows, said Mr Lee, as he underlined the need to keep the economy strong to provide opportunities for Singaporeans.

    The Ministry of Trade and Industry (MTI) had said that the economy shrank by 0.7 per cent between April and June, compared to the previous quarter. Mr Lee suggested that the figure may be revised upwards into positive territory.

    The revised figure will be announced on Friday, when flash estimates for third quarter growth will also be made public. Technical recession is defined as two consecutive quarters of contraction.

    Speaking to Singapore reporters at the end of a three-day official visit to New Zealand, Mr Lee warned that slow growth means that there is little margin for error. "When you are going for slower growth, and we are expecting slower growth, then the chances of you dipping below zero from time to time will be much greater," said Mr Lee.

    He added: "If you are going to make 5, 6 per cent (growth), when you slow down, you slow down to 3 per cent, it's okay. If you're going to make 1, 2 per cent (growth), (when) you slow down, you slow down to 0 or -1, and I think, psychologically, that is a big difference.

    "I think that's another reason why we must keep our economy strong, because there's a very big impact on the mood of the people on the confidence of the population and of investors when they see an economy which is able to continue to make progress steadily."

    On calls by some Singaporeans for the country to focus less on material aspirations, Mr Lee said Singapore needs to find the right balance between growth, social considerations and quality of life.

    He said there also needs to be dynamism and buzz so that there will be opportunities for Singaporeans.

    One key challenge, Mr Lee said, is to raise productivity to ensure a steady rate of growth. He noted that many companies here "are finding it difficult finding the workers that they need".

    "They can see the business opportunities there, they want to take the contracts and the orders, they want to start up the new outlets, they can't find the workers," said Mr Lee.

    "So, does that mean that productivity will go up automatically? No. But it means that there's pressure on them to make the most of workers that they have and to train the workers with the help from all the Government schemes, so that productivity will go up."

    Mr Lee added: "There is no magic solution. You can't just turn on the tap and the hot water comes out. You have to work hard at it. There'll be ups and downs and there'll be rough spots, and we are going to get used to not so fast growth as before, but we have to work to achieve that, because you can't just lie back and say, 'I'm working too hard, I have to slow down'."

    Earlier this month, official figures showed manufacturing activity contracted for the third straight month last month, raising the likelihood of a recession in the third quarter. The weak Singapore manufacturing data mirrors the slump elsewhere in Asia.

  2. #2
    Join Date
    Mar 2012


    its not can't find workers. its the local companies expect to slap on Foreign Worker kind of package and hours onto Singaporeans and expect them to swallow it or take it up the ass without complaint.

    if they want to enjoy subsidies from the government, or address the foreign worker quota shortfall, they need to adjust their expectations and offer a decent proposition to locals. they have had it way too easy over the past decade relying on cheap foreign labor. if anything, they should be largely responsible for todays state of affairs and overcrowding.

  3. #3
    Join Date
    Mar 2012


    soon after posting my previous remark I got a call from recruiter for an interview with local mnc lol ... .. .

Similar Threads

  1. Slower growth in home loans expected from cooling measures
    By reporter2 in forum Finance and Legal
    Replies: 0
    -: 07-07-18, 13:05
  2. Tharman accepts slower growth as trade-off for social stability
    By princess_morbucks in forum HDB, EC, commercial and industrial property discussion
    Replies: 50
    -: 11-06-14, 12:19
  3. Singapore ultra rich club grows slower than rest of Asia
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 2
    -: 12-09-13, 09:16
  4. More growth ahead, but slower
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 03-10-08, 12:20

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts