Singapore Prime Minister Lee Hsien Loong has narrowed the forecast for the state’s economic growth this year in his recent National Day Message, even as he announced that there will be an ongoing review in directions and strategies to reach new economic heights.
The Prime Minister said the economy grew 3.5 percent in the first half of 2014, and predicts a growth of 2.5 percent to 3.5 percent for the whole year, a smaller room for growth than an earlier prediction of 2 percent to 4 percent.
“We must keep up this growth over the next decade to help you improve your lives,” he added. “We are now at a higher level, from which we can scale new heights. Hence we must reassess our position, review our direction, and refresh our strategies.”
He also commented on how fast the world is changing and how this may stir anxiety in some but could also bring opportunities for further accomplishments.
“We must uphold the spirit of our pioneers in a new era. The globalized world offers many opportunities for the bold and enterprising. But it also makes people uncertain and anxious about their future. Events overseas affect us quickly and unpredictably, such as political changes in Southeast Asia, maritime disputes in the South China Sea, or armed conflicts in Gaza and Ukraine.”
The city-state is going through a 10-year restructuring plan that entails less reliance on cheap foreign labor and an increase in productivity.
Prime Minister Lee delivered his televised speech from the Alexandra Park Connector on August 8 ahead of Singapore’s 49th birthday.
Photo: williamcho
