World Economy

Singaporeans Urged to Reinvent Economy

Singaporeans Urged to Reinvent EconomySingaporeans Urged to Reinvent Economy

Citing slowing global economic growth and domestic challenges like the ageing population, Prime Minister Lee Hsien Loong said it has become “more urgent” for Singapore to transform its economy, and this can only be achieved if the government, businesses and workers work together.

And while many changes lie ahead for the republic, the government will remain “on the side of workers” throughout this journey, said Lee in his May Day message, Malaymail online reported.

Last year, Singapore’s economy grew by 2.1%, the slowest since the 2009 financial crisis, and growth this year is expected remain at 1 to 3%. Globally, China’s economy growth has declined, while Singapore faces stronger global competition as its population ages and labor force remains tight.

“These circumstances make it more urgent for us to transform our economy, so that Singapore can continue to create opportunities for our people to improve their lives,” he said. “For our economy to stay competitive, we must become more productive, making better use of our limited land and labor to meet Singapore’s needs.”

This is why the recent budget focused on new economic measures, but while these programs are not narrowly targeted at workers, “they will benefit workers, and all Singaporeans, by helping to keep our economy strong and creating good jobs”, noted Lee.

Workers can benefit directly by participating in SkillsFuture for the training that will prepare them for new jobs being created, while the new “Adapt and Grow” initiative by the ministry of manpower will help mid-career and retrenched workers adapt to the changing labor market.

“Our transformation journey will mean many changes, but one thing will not change. This government remains on the side of workers,” said Lee.