By Joanne Chan | Posted: 02
February 2011 0603 hrs
SINGAPORE: The government has pledged to help
Singaporeans, especially lower-income households, cope with rising
costs.
In his Lunar New
Year message, Prime Minister Lee Hsien Loong said the
government has more scope to implement schemes after last year's
strong economic performance.
It was a roaring good year for Singapore's economy in the Year of
the Tiger, with the economy growing at 14.7 per cent last
year.
While this meant better bonuses for workers, it also brought its
own set of problems such as rising costs.
Those aspiring to own cars found it more expensive, as fewer were
made available in a bid to curb the car population and reduce
congestion on the roads, even as demand rose amid rising
incomes.
Together with external factors such as higher oil prices and food
shortages due to bad weather, prices of consumer goods shot
up.
Property prices also rose significantly in the past year, boosted
by positive market sentiments, low interest rates and high
liquidity.
Prices of HDB resale flats and private homes rose 14.1 per cent and
17.6 per cent respectively in 2010, setting new records.
In his message, Mr Lee said the government has acted to curb
speculation and cool the property market. He added more will be
done to stabilise the market if and when it becomes
necessary.
Mr Lee pledged that housing, especially public flats, will be kept
affordable to Singaporeans.
He added that in a prospering economy, home owners should see their
properties appreciating in value over the long term.
Mr Lee also acknowledged concerns among some Singaporeans about the
rapid changes in society and the competition from new
immigrants.
He said the country needs immigrants to reinforce the ranks. But
there must also be a clear majority of locally-born Singaporeans
who set the tone of society and uphold core values.
Mr Lee added that while many want to become permanent residents and
new citizens, only those who can add value to Singapore will be
selected.
He also called on Singaporeans to produce more babies - a task that
has proven to be extremely challenging.
Singapore's total fertility rate fell to an all-time low of 1.16
last year. The decline was across all races, but it was sharpest
among the Chinese, where the fertility rate fell to 1.02, far short
of the needed replacement level of 2.1.
On keeping Singapore's culture vibrant, Mr Lee said it is important
to keep mother tongue languages alive. So the recent measures
announced by the Ministry of Education will ensure that the
teaching of the languages will be current and effective.
As Singapore ushers in the Year of the Rabbit, Mr Lee said the
country's essence must be preserved while adapting to changing
times and circumstances.
Mr Lee concluded his message by wishing all Singaporeans a very
happy Year of the Rabbit.
- CNA/de
