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SINGAPORE: Prime Minister Lee Hsien Loong has indicated that another round of stimulus package will not be the solution as Singapore emerges from the post-crisis landscape.
He made the point in an interview with CNBC, ahead of the Asia Pacific Economic Cooperation (APEC) summit.
Earlier this year, the government dipped into Singapore's reserves for a S$20.5 billion Resilience Package aimed at helping the country cope with the global financial crisis.
Mr Lee said that moving forward, the emphasis will be on structural measures to foster the transformation of the economy. These include helping workers upgrade skills, paving the way for new industries to set up base in Singapore and increasing productivity.
He added that unlike bigger countries, Singapore cannot rely on a strategy of stimulating domestic demand. Instead, as Asia picks up, Singapore is focusing on growth areas such as medical services and digital media as well as banking on the tourism sector.
- CNA/sc
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