http://www.channelnewsasia.com/annex/may_day_pmlee_2009.pdf
MAY DAY
MESSAGE 2009 BY PRIME MINISTER LEE HSIEN LOONG
Much has changed in the course of a year. When I was
preparing my May Day Message last year, we were in a very different
situation. The economy had a strong first quarter in 2008, and
workers were enjoying good bonuses from the year before. The US had
already run into difficulties, but we still hoped that the world
could avoid taking a major tumble.
Unfortunately, the US problems grew into a major financial
crisis which has caused a severe worldwide recession. World
financial markets are no longer frozen, but things are far from
back to normal. All the major economies are contracting
simultaneously, for the first time since the Great Depression. The
World Bank expects global industrial production to fall by 15% by
the middle of this year, and world trade also to fall sharply,
especially in Asia. Governments have taken bold steps to boost
their economies, but in this unprecedented situation nobody can be
sure what measures will work, or how quickly.
Singapore is doing all we can to buffer ourselves from the
storm. We have launched the Skills Programme for Upgrading and
Resilience (SPUR), and the "Resilience Package", which includes the
Jobs Credit scheme. We have focused on preserving jobs, because
when people have jobs they can look after themselves and their
families. Unions and employers have supported these schemes. They
have aligned the interests of employers and workers, and helped
companies to think of cutting costs to save jobs, instead of
cutting jobs to save costs.
Singapore’s recovery will depend on how the situation develops
worldwide, especially in the US. An optimistic scenario is for the
US economy to stabilise by the end of this year, and begin a
gradual recovery next year. But this is not at all certain. The US
recession may well continue into next year. In the worst case if
the troubled banks are not put right, the problems can drag on for
several years.
MTI has revised our growth forecast down to between minus 6% and
minus 9%. While retrenchments and unemployment have gone up, new
jobs are still being created. The situation would have been worse
if not for the Resilience Package. Employers have more reasons to
keep jobs with the support they get from the Jobs Credit, SPUR and
other measures in the Resilience Package. But if global demand
continues to be weak, we must expect more job losses, despite all
our measures. In some sectors, things will get worse before they
get better. We must prepare for a prolonged difficult period, and
continue to build capabilities for the future.
But we have reason to be quietly confident. Our economy has
important strengths. Our banks are sound, our industries are
competitive, our wage systems are flexible, and many good jobs are
still available. Our workers are cooperating with employers and the
government, to acquire the skills which will make them more
productive and employable. Our substantial reserves are funding
programmes to counter the recession. Few countries are in as secure
a position as Singapore.
Despite the unfavourable climate, our economic agencies are
actively seeking new business opportunities. The Economic
Development Board (EDB) continues to win investments. Many global
companies have long term perspectives and are still launching
projects in Asia. They see opportunities in this dynamic region,
and know that Singapore provides a stable base for their Asian
business.
Upcoming projects in the service sector, particularly the
tourism industry, will create more jobs. Our two Integrated Resorts
will be completed soon. Beyond that, we will have the Gardens by
the Bay, the International Cruise Terminal and Asia’s first River
Safari in Mandai.
We are also growing our external wing. International Enterprise
(IE) Singapore is helping companies to win projects in China, India
and the Middle East, where many opportunities still exist. It is
also working with Trade Associations and Chambers of Commerce to
access markets worldwide, in Latin America and even Africa. We must
venture further afield to find new business opportunities, and
think of more creative ways to make a living for ourselves.
The basic strategy for Singapore must still be to stay open and
linked to the world. We prosper by servicing the region, Asia and
the world, and by being equal to the best in niche areas. Thus
banks in Singapore service customers from all over the region. We
will still be a major financial centre, especially in areas like
fund management or global treasury business. Our factories produce
critical components for computers and active ingredients for drugs,
often accounting for a third or more of the world market for those
products. Unfortunately, our access to foreign markets will become
more difficult, because governments will raise more protectionist
barriers as they come under political pressure to help domestic
producers. As we continue to develop new markets, our wide network
of Free Trade Agreements with major trading partners will prove
invaluable.
As an open economy, we must make ourselves globally competitive
rather than try to protect ourselves from competition. We must
gather talent from all over the world to strengthen the Singapore
team. At the same time, we must upgrade the knowledge and skills of
our own people. This downturn is an opportunity to mount a major
effort in this area. Schemes like SPUR and Professional Skills
Programme (PSP) convert slack manpower into learning opportunities.
They help workers to become more productive, flexible and
competitive.
Every Singaporean must do his or her part. I urge
workers to go for training, to up-skill and reskill yourselves.
If you are seeking a new job, do take
up one of the many jobs still available, even if it is not your
first choice. Have realistic salary expectations, and be willing to
learn new things and adapt to different working conditions.
I urge employers to think of all possible ways to save costs, and
consider retrenchment only as a last resort. Make full use of
government programmes and work closely with the unions. For any
cost-cutting measures, management should lead by example. Most
importantly, everyone must be mentally prepared, and be ready for
sacrifices in these difficult times.
In many countries, workers are mounting angry protests and
demonstrations as the economic pain deepens and more people lose
their jobs. These outbursts are understandable, but unfortunately
they do not make things better. In Singapore, our response to the
crisis has been rational and constructive. Unions, employers and
government are working together to find practical solutions, to
explain to Singaporeans what is happening, and what we must do to
see through the downturn. This cooperation depends on the trust and
confidence among the tripartite partners built up over many
decades. In this moment of stress and uncertainty, it is helping
Singapore to stand out from other countries, enhancing our
reputation and bringing in more investments and jobs.
We must use this crisis to prepare for a different, more
competitive world when the storm passes. We must build resilience
in a new generation of Singaporeans, and strengthen their bonds
with a new team of leaders. Most of all, we must unite as a nation,
keep our calm, unflinching spirit and emerge stronger from the
crisis.
I wish all Singaporeans a Happy May Day
It is a waste of effort, time, air time, to listen, to read his
crap