Is there any shockaborbers ? Or they prepare to raise the GST further to cushion for the 3 billion ? Is he talking abt the $3 billion ?
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SINGAPORE: Minister Mentor Lee Kuan Yew has provided some assurance as the country faces a bumpier road ahead with slower growth and soaring inflation.
Speaking to his constituents at the Tanjong Pagar National Day celebration dinner, Mr Lee said Singapore has some shock absorbers to buffer the setbacks. For the needy, the government has put aside over S$3 billion this year in various support schemes.
He added that Singapore could grow 5 to 6 per cent or even 7 to 8 per cent if there is no long-term recession in the United States or EU, but should the giants go into a recession, then growth may be at 3 to 5 per cent.
Mr Lee said Singapore has massive investments with long-term implementation periods. When the integrated resorts are completed, there will be demand for workers, softening the impact of retrenchments.
"We have an economy which is diversified. We have a workforce that we have upgraded year by year, better educated, better able to earn more because we are connected with the world and our incomes can rise because of our higher skills and higher technology," said Mr Lee.
He said work-permit foreign workers will take the brunt of any lay-offs, saving many Singaporeans their jobs. And due to the fact that the country has been increasing its investments with China and India, the impact of the slowdown in the US and EU will be buffered.
Mr Lee also noted that the government is taking care of the lower income. "We have succeeded so far in housing, in health, in education, in job facilities.
"We will do our best to re-train people who are being retrenched to upgrade their skills. But we must face facts, this gap is going to remain for five, ten or more years."
In the region, the minister mentor pointed to the political flux in Malaysia and Thailand, and said that money politics is at the heart of problems in many Asian countries. The good thing for Singapore, he said, is that there is no money politics.
He also highlighted Singapore's political stability, saying the frequent chop and change in governments and policies have caused instability in countries like Thailand and Taiwan.
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SINGAPORE: Minister Mentor Lee Kuan Yew has provided some assurance as the country faces a bumpier road ahead with slower growth and soaring inflation.
Speaking to his constituents at the Tanjong Pagar National Day celebration dinner, Mr Lee said Singapore has some shock absorbers to buffer the setbacks. For the needy, the government has put aside over S$3 billion this year in various support schemes.
He added that Singapore could grow 5 to 6 per cent or even 7 to 8 per cent if there is no long-term recession in the United States or EU, but should the giants go into a recession, then growth may be at 3 to 5 per cent.
Mr Lee said Singapore has massive investments with long-term implementation periods. When the integrated resorts are completed, there will be demand for workers, softening the impact of retrenchments.
"We have an economy which is diversified. We have a workforce that we have upgraded year by year, better educated, better able to earn more because we are connected with the world and our incomes can rise because of our higher skills and higher technology," said Mr Lee.
He said work-permit foreign workers will take the brunt of any lay-offs, saving many Singaporeans their jobs. And due to the fact that the country has been increasing its investments with China and India, the impact of the slowdown in the US and EU will be buffered.
Mr Lee also noted that the government is taking care of the lower income. "We have succeeded so far in housing, in health, in education, in job facilities.
"We will do our best to re-train people who are being retrenched to upgrade their skills. But we must face facts, this gap is going to remain for five, ten or more years."
In the region, the minister mentor pointed to the political flux in Malaysia and Thailand, and said that money politics is at the heart of problems in many Asian countries. The good thing for Singapore, he said, is that there is no money politics.
He also highlighted Singapore's political stability, saying the frequent chop and change in governments and policies have caused instability in countries like Thailand and Taiwan.
