http://in.reuters.com/article/businessNews/idINIndia-41627720090808
Reuters India, 8 Aug 2009
Singapore PM warns of more
retrenchments in 2009
SINGAPORE (Reuters) - Singapore's Prime Minister Lee Hsien Loong
warned the city state to brace for further job retrenchments in
2009, although he said the economy did better than expected in the
first half of the year.
"We might see another wave of
retrenchments later in the year, so we must stay on guard for more
challenges to come," Lee said in a recorded speech
on state television on Saturday, the eve of national day.
Singapore's preliminary unemployment figure stayed at a seasonally
adjusted 3.3 percent in the second quarter of 2009, unchanged from
the first quarter, which was the highest in three years.
Lee said the economy contracted 6.5 percent in the first half of
2009 -- a smaller contraction than previously feared -- prompting
the government to revise down the annual contraction to 4-6 percent
from an earlier projection of a fall of 6-9 percent.
"It is too early to celebrate. The outlook remains clouded. The
advanced economies are not expected to bounce back soon," he
said.
Singapore leapt out of its worst recession in the second quarter of
2009 due to rising pharmaceuticals production and construction,
preliminary government data showed. Final second quarter GDP data
is due on Aug 11.
A Reuters survey showed analysts expected the revised data to show
that the economy expanded at an annualised and seasonally adjusted
rate of 19.2 percent, compared with an advance estimate of a 20.4
percent.
The latest data is expected to show that from a year earlier, gross
domestic product fell 3.9 percent rather than 3.7 percent as
earlier reported. <!-- / message --> <!-- sig -->
__________________
.
http://singaporenewsalternative.blogspot.com
.
http:/twitter.com/snablog
In the usual double speak ways, Singaporeans are fed with more
PAP horse shit compared, to what was said and reported by Reuters
India as shown in the opening post of this Thread.
The opening post is a far contrast of LHL eve of National
Day speech on TV:
PM Lee calls for unity to face challenges
ahead
SINGAPORE: Singapore's economy contracted by 6.5 per cent
in the first half of this year. In his annual televised National
Day message on Saturday evening, Prime Minister Lee Hsien Loong
said the country is now in a stronger position than at the start of
the year.
As long as Singaporeans remain united in facing the challenges
ahead, he believes the country will pull through.
While Singapore could not avoid the global economic storm, Mr Lee
said the country took proactive action such as bringing the Budget
forward and drawing on past reserves for schemes like Jobs
Credit.
Now, with the global economic situation stabilising, the country's
economy has bounced back strongly in the second quarter. Despite
being among the worst-hit economies, it still has one of the lowest
unemployment rates in the world.
"But it's too early to celebrate. The outlook remains clouded. The
advanced economies aren't expected to bounce back soon. Our exports
remain much lower than last year, and companies like SIA are still
facing very tough conditions. We might see another wave of
retrenchments later in the year, so we must stay on guard for more
challenges to come," said the prime minister.
Despite this adverse external environment, Mr Lee said this does
not mean Singapore cannot grow. Businesses and workers are
beginning to adjust to the new environment by looking for new
opportunities and going for re-training.
He said opportunities still exist, especially in Asia. In fact, the
Economic Strategies Committee – in collaboration with the private
sector – is now looking for new ways to transform the economy, with
its report due next year.
While the current difficulties look daunting, Mr Lee said they
should be seen against a longer perspective.
"Over this half century, Singa pore has encountered many serious
challenges – racial riots in the 60s, oil shocks in the 70s, a
major recession in the 80s, the Asian Crisis in the 90s, the 9/11
attacks and SARS in this decade. Each time our people have rallied
and prevailed," he said.
"This unity is key to our success in many fields. We must work hard
to strengthen it, and to bridge potential divides within our
society, be it between Singaporeans and new arrivals, between rich
and poor, or most fundamental of all, between the different races
and religions."
Looking ahead, he called on Singaporeans to respect each other's
beliefs and enlarge the secular common space.
The full speech and video of PM Lee's National Day message are
available in the National Day
2009 special report.
- CNA/so
