<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>Our strengths will see us through: PM Lee
</TR><!-- headline one : end --><TR>May Day message is of cautious optimism amid fears of prolonged crisis </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Sue-Ann Chia, Senior Political Correspondent
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Among the strengths Mr Lee highlighted were the employment opportunities created by projects such as the upcoming integrated resorts. -- ST PHOTO: JOYCE FANG
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->SINGAPORE has reason to be 'quietly confident' of overcoming the tough times because its economy has 'important strengths', said Prime Minister Lee Hsien Loong.
In broad strokes, he painted a picture of the various features and efforts being made that will lead the country to better days.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story -->RELATED LINKS
<!-- Audio --><!-- Video --><!-- PDF -->
PRIME MINISTER MAY DAY MESSAGE 2009
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</TD></TR></TBODY></TABLE>However, his May Day message of cautious optimism, released yesterday, is now tinged with some uncertainty as the swine flu outbreak threatens to further worsen the global economic crisis.
But even without it, the journey to recovery will not be short.
Said Mr Lee: '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.'
These are: sound banks, competitive industries, flexible wage systems, many good jobs still available, workers getting skills to stay employable and the country's substantial reserves funding anti-recession programmes.
'Few countries are in as secure a position as Singapore,' said Mr Lee.
In addition, Singaporeans can expect more job-creating projects beyond the two integrated resorts, he said, citing the International Cruise Terminal, Asia's first River Safari in Mandai and Gardens by the Bay, a park in the Marina Bay area.
He also highlighted the continuing growth of Singapore's external wing, as businesses expand their network of export markets.
The Government too is doing all it can to buffer Singapore from the storm, he added. 'We have focused on preserving jobs, because when people have jobs they can look after themselves and their families.'
Hence, it introduced several schemes that are part of the $20.5 billion Resilience Package in this year's Budget.
These include the Skills Programme for Upgrading and Resilience (Spur) for worker training, and Jobs Credit which subsidises employers' wage bill for local workers.
'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,' he said.
However, Mr Lee has a word of caution: If global demand continues to be weak, more job losses are expected.
In the first three months of this year, 12,600 jobs were cut - the highest quarterly peak in the last decade. The jobless rate for locals also hit a new peak of 4.8 per cent in March, a five-year high.
Singapore, however, must continue to stay open, said Mr Lee, as 'we prosper by servicing the region, Asia and the world'.
'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.'
But he is confident Singapore's wide network of free trade pacts with its major trading partners will 'prove invaluable'.
He also called on workers and employers to do their part. Workers should re-skill and accept jobs even if these are not a first choice, while employers should retrench only as a last resort, he said.
Noting the angry protests by workers in many countries as the slump deepens, he said: 'These outbursts are understandable but unfortunately they do not make things better.'
On the other hand, the response here has been 'rational and constructive', which he credited to unions, employers and the Government working together to find practical solutions.
'It is helping Singapore to stand out from other countries, enhancing our reputation and bringing in more investments and jobs,' he said.
Looking beyond the dark clouds, Mr Lee made a rallying call to Singaporeans: '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.'
[email protected] Full text of PM's message, Review
</TR><!-- headline one : end --><TR>May Day message is of cautious optimism amid fears of prolonged crisis </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Sue-Ann Chia, Senior Political Correspondent
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Among the strengths Mr Lee highlighted were the employment opportunities created by projects such as the upcoming integrated resorts. -- ST PHOTO: JOYCE FANG
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->SINGAPORE has reason to be 'quietly confident' of overcoming the tough times because its economy has 'important strengths', said Prime Minister Lee Hsien Loong.
In broad strokes, he painted a picture of the various features and efforts being made that will lead the country to better days.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story -->RELATED LINKS
<!-- Audio --><!-- Video --><!-- PDF -->
<!-- Photo Gallery -->
</TD></TR></TBODY></TABLE>However, his May Day message of cautious optimism, released yesterday, is now tinged with some uncertainty as the swine flu outbreak threatens to further worsen the global economic crisis.
But even without it, the journey to recovery will not be short.
Said Mr Lee: '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.'
These are: sound banks, competitive industries, flexible wage systems, many good jobs still available, workers getting skills to stay employable and the country's substantial reserves funding anti-recession programmes.
'Few countries are in as secure a position as Singapore,' said Mr Lee.
In addition, Singaporeans can expect more job-creating projects beyond the two integrated resorts, he said, citing the International Cruise Terminal, Asia's first River Safari in Mandai and Gardens by the Bay, a park in the Marina Bay area.
He also highlighted the continuing growth of Singapore's external wing, as businesses expand their network of export markets.
The Government too is doing all it can to buffer Singapore from the storm, he added. 'We have focused on preserving jobs, because when people have jobs they can look after themselves and their families.'
Hence, it introduced several schemes that are part of the $20.5 billion Resilience Package in this year's Budget.
These include the Skills Programme for Upgrading and Resilience (Spur) for worker training, and Jobs Credit which subsidises employers' wage bill for local workers.
'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,' he said.
However, Mr Lee has a word of caution: If global demand continues to be weak, more job losses are expected.
In the first three months of this year, 12,600 jobs were cut - the highest quarterly peak in the last decade. The jobless rate for locals also hit a new peak of 4.8 per cent in March, a five-year high.
Singapore, however, must continue to stay open, said Mr Lee, as 'we prosper by servicing the region, Asia and the world'.
'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.'
But he is confident Singapore's wide network of free trade pacts with its major trading partners will 'prove invaluable'.
He also called on workers and employers to do their part. Workers should re-skill and accept jobs even if these are not a first choice, while employers should retrench only as a last resort, he said.
Noting the angry protests by workers in many countries as the slump deepens, he said: 'These outbursts are understandable but unfortunately they do not make things better.'
On the other hand, the response here has been 'rational and constructive', which he credited to unions, employers and the Government working together to find practical solutions.
'It is helping Singapore to stand out from other countries, enhancing our reputation and bringing in more investments and jobs,' he said.
Looking beyond the dark clouds, Mr Lee made a rallying call to Singaporeans: '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.'
[email protected] Full text of PM's message, Review
