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SINGAPORE: Singapore has seen the worst of the current recession and although a subdued recovery is expected for the global economy, the country can still grow by sharpening its skills and enlarging its market share.
Prime Minister Lee Hsien Loong said this during his annual National Day Rally at the University Cultural Centre on Sunday night.
Speaking in English, he said the first hint of black clouds on the economy appeared two years ago. But now the eye of the storm has passed and some have even mentioned green shoots in the economy.
Mr Lee noted that Singapore is already seeing positive signs, with local companies expanding and new business sectors - such as in the area of interactive digital media - growing in Singapore.
US entertainment company Lucasfilm, which created the Star Wars movies, has already produced an internationally-popular animation series called "Clone Wars: Jedi Alliance" out of studios in Singapore.
Prime Minister Lee said projects such as these will help grow a new area for Singapore's economy.
The furniture industry too is not taking a back seat amid the economic slowdown. Singapore furniture companies now produce trendy top-end products for international markets including East Asia, Eastern Europe and Latin America.
Mr Lee said the industry's transformation shows how small- and medium-sized enterprises (SMEs) can innovate and grow, as well as capitalise on the strength of the Singapore brand-name.
He said: "We should never compromise or lose this advantage, it's not just a name but it depends on a united people, best workforce in the world, good leadership, first-class government."
With Asia poised as a key growth engine, Mr Lee said multi-national companies continue to invest in Singapore, while homegrown companies with strong capabilities - like water treatment firm Hyflux - are expanding overseas, at times in rough business environments.
As for Singapore's economy, Mr Lee said a 6.5 per cent contraction recorded in the first half of the year was not as bad as initially feared. The government has kept to its forecast that the economy will shrink between 4 and 6 per cent for the whole of 2009.
On the jobs front, Mr Lee said though the labour market has stabilised for now, the outlook is unclear beyond the third quarter. He said there are no signs of a rush in Christmas orders, and there could be some job losses due to restructuring or if economic recovery is delayed.
To help workers upgrade their skills and find new jobs, the government will set up two new national continuing education and training campuses - East Campus in Paya Lebar Central and West Campus in Jurong Lake District. More details will be announced by the Manpower Ministry at a later date.
Overall, Mr Lee said, the Resilience Package introduced in January's Budget to help companies and households cope with the recession has worked and there is no need for extra stimulus now. But the government will review what needs to be done for the coming year by the end of 2009.
The prime minister also stressed the need to maintain social cohesion in a carefully nuanced speech. While Singapore has made progress over the past 40 years, he noted that race and religion remains the most visceral and dangerous fault line.
He cited growing religiosity in countries like the US and Malaysia. While there is nothing wrong with that, he said religious fervour needs to be managed.
The risks include aggressive preaching and exclusiveness. Hence, basic rules in Singapore remain, such as separating religion from civil space and politics. Mr Lee pointed to the leadership tussle over women's group AWARE (Association of Women for Action and Research) as an example.
Speaking for the first time on the issue, he said it was not who controlled AWARE that was of concern to the government. Rather, it was the attempt by a religiously-motivated group to enter civil space and impose their agenda. "This was bound to invoke, to provoke a push back from groups who held the opposite view, which happened, vociferously and stridently," said Mr Lee.
Turning to healthcare, the Prime Minister said the focus will be on preparing for an ageing population by developing integrated step-down care. This means pairing acute hospitals like Tan Tock Seng with community ones like Ren Ci Hospital so that patients can receive treatment at an acute hospital and then recuperate at a community hospital.
Mr Lee added that the best way to keep healthcare costs down is by maintaining a healthy lifestyle.
In closing, Prime Minister Lee painted a picture of how Singapore has progressed since it achieved self-governance 50 years ago. He said as "One United Nation", Singaporeans can continue to upgrade and build the city.
"We will continue to improve our lives, provided we work together and remain a harmonious, cohesive society - so that in another 50 years, we will have built another Singapore which is equally unimaginable today," said Mr Lee.
- CNA/ir
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