Fighting recession is like playing football, says Labour chief
By Cheryl Lim/Valarie Tan, Channel NewsAsia | Posted: 22 February 2009 2209 hrs

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SINGAPORE: Ministers and unionists have said fighting the recession is like playing a football match against a stronger team.

Speaking at the Singapore Tripartism Forum on Sunday, they said Singaporeans will have to go on the offensive and play to win.

Labour chief Lim Swee Say said Singapore should aim to be cheaper and better than its competitors with the help of the SPUR programme and other measures from the resilience package.

He also warned against trying to find convenient solutions to the present crisis. "When you try to find the easy way out, try to look for early lights coming, chances are these lights aren't daylight, but the headlights of an oncoming train."

But the situation is not all bleak.

Finance Minister Tharman Shanmugaratnam said several medium-sized companies are projecting strong growth in the upcoming months, with others planning more investment for the future.

They may come from different sectors, but on the job-saving initiatives in this year's Budget, most of the unionists and employers at the forum were on the same page.

On investments, Mr Tharman said the average annual returns for Temasek and GIC investments over the 20 years to 31 March 2008 were 19 percent and 7.8 percent respectively, in nominal US dollar terms.

The issue came up during a question from a business leader.

Prime Minister Lee Hsien Loong called these figures "very respectable numbers."

"Some years it will go down, some years it will go up more. But on average it's not bad. And we have to take a long-term view because this is not money for now, this is money for many years ahead. If you look at a long-term basis, on the overall, on the way the government has managed the money, we haven't done badly," he said.

Some gave positive feedback on the changes made.

"My company ISK has benefited some one million (dollars) from the overall package," said one participant.

Others continued to ask for more help. "What other measures can the government consider to stimulate the economy as well as create more jobs?" asked a participant.

A few even offered suggestions on how to better the system. "We should start thinking of promoting values instead of just results," said a participant.

On the topic of Singapore's General Election which is due by 2012, Prime Minister Lee said: "When it comes, you will know."

But he added that the 2006 elections were called slightly after the tripartite forum was held that year. - CNA/ir/de