http://www.straitstimes.com/PrimeNews/Story/STIStory_515531.html
CHICAGO: What a
difference a year makes. At the height of the recession in
Singapore last year, many cranes at the once busy port were idle as
exports plunged by a third.
A steep drop in
tourist traffic forced Singapore Airlines to cut flights and
mothball some of its planes.
Now, the economy has
bounced back strongly with a solid 13.1 per cent growth in the
first quarter, and the newly completed integrated resort projects
are creating a buzz in the region and beyond.
What allowed
Singapore to vault over the daunting challenges and emerge with an
even stronger position in Asia?
Credit goes to many
of the measures taken to overcome the global recession, including
the unprecedented step of tapping into Singapore's foreign reserves
in order to fund a major fiscal stimulus package to save companies
and jobs.
But ultimately, it all boils down to 'the deep
reservoir of trust' between the people and the Government,
visiting Prime Minister Lee Hsien Loong said in a speech here to
the Chicago Council on Global Affairs.
Sharing Singapore's
experience in battling the recession, he noted that the trust was
built up from overcoming many previous crises and challenges
together, and knowing that in a crunch, Singaporeans would look
after one another and that they were in the same boat
together.
'People can also be
confident that after workers have made the difficult adjustments,
the employers will share out the gains with them,' he
said.
'Last year, we
tightened our belts. This year, the economy is doing well, there
would be some cake to share and some smiles to go
around.'
This trust will be
called upon again as the Government embarks on efforts to
restructure the economy and improve worker productivity.
This is because the
impending changes could result in greater uncertainties for the
workers.
For instance, some
may find their skills obsolete just after leaving school and having
to renew them right away.
Others may have to
change jobs several times throughout their career, even when they
are in their 40s and 50s.
'This is necessary
if we are to continue to prosper,' said Mr Lee.
'It is the only
sustainable way to improve our standards of living, raise wages,
and uplift poorer households.
'Our workers and
unions understand this difficult task is necessary and support this
move.
'This trust is a
critical strength for Singapore.'
