Singapore achieved 3.5 percent growth in the fourth quarter of
2009 - after negative growth in the first and second quarters, and
0.6 percent growth in Q3.
But for the whole year, growth is still negative at minus 2.1
percent.
The Trade and Industry Ministry had forecast GDP growth
for 2009 at -2.5 to -2.0 percent.
Charting out the goals for 2010 in his New Year message, Prime
Minister Lee Hsien Loong says the country must shift gears to
achieve a qualitative growth.
And that would involve transforming the economy, developing skills,
and growing talent - both locally and from abroad.
Mr Lee says while the government continues to track short term
economic trends closely, it must also secure Singapore's long term
position.
For this, companies must add value - by doing things more
efficiently, restructure businesses as conditions changed and
venture into new, promising areas.
Workers must up-skill, re-skill and multi-skill.
PM Lee adds that the Economic Strategies Committee, set up in the
middle of 2009, is reviewing the longer-term strategies for growth,
and will propose policies to achieve the country's full
potential.
It will publish its main recommendations soon, which the Government
will respond to in the coming Budget.
Mr Lee also adds that Singapore must grow the economy and sustain
good jobs, so that all citizens can share in the
benefits.
However, he cautioned that in terms of total GDP, the economy is
likely to expand more slowly than before.
Singapore must make up for this by expanding its external wing and
focusing on raising per capita income, through up-skilling and
economic upgrading.
In that way, Singapore can continue to prosper and every
Singaporean can look forward to a better life.
So Mr Lee urged Singaporeans to give their best, and stay united -
for a brighter future in the post-crisis world.
--938Live