Singapore In A Golden Period, Says MM Lee

Sources: The Straits Times, July 8, 2007

Mr Lee said Singapore is in this enviable position today because it had taken ‘painful and unpopular measures’ after the 1997 Asian financial crisis to get the economy into shape.

FRAMED against a Saturday night Orchard Road crowd, Minister Mentor Lee Kuan Yew last night sketched a rosy picture of a more vibrant Singapore in five years’ time - if it took full advantage of the opportunities now before it.

Investors from developed countries are pouring money into the region and Singapore is enjoying good economic growth and social development.

Economic giant China is pulling in foreign investments of US$70 billion (S$106 billion) and India, US$10 billion a year. Foreign direct investments here have maintained at about S$6 billion to S$7 billion.

The stock markets of some Asean countries have risen by an average of 48 per cent. Asian current accounts are running surpluses with reserves doubling since 2003 to US$2,500 billion.

‘If there are no wars or oil crises, this golden period can stretch out over many years,’ he said.

The key is having a good government which will get its policies right, to encourage economic growth.

Singapore’s economic growth this year will be around 5 per cent to 6 per cent - ‘not bad’ for a maturing economy with a per capita income of over US$25,000, he said at a Tanjong Pagar GRC event in Ngee Ann City’s civic plaza.

‘Once you have growth, all problems can be managed. When you have no growth and you have unemployment and no jobs, then all problems become intractable, ‘ he said.

Mr Lee told the sizeable crowd, many of them younger Singaporeans, that they were luckier than him when he was a young man.

‘You got the best schools, technical colleges. Nobody is deprived of an education in Singapore and you can go abroad if you do well with bursaries and scholarships. ‘

He had this message for those in their teens and early 20s: ‘You’re a generation that is especially blessed. You have ahead of you 10, 15, 20 years.’

Singapore was able to push ahead when China and India adopted wrong economic policies. Although they have recovered and are growing strongly, Singapore is still ahead ‘and our job is to stay ahead, and I believe we can’.

Mr Lee said Singapore is in this enviable position today because it had taken ‘painful and unpopular measures’ after the 1997 Asian financial crisis to get the economy into shape.

The data tells the story: some 9.7 million visitors came here last year; unemployment is at a low 2.9 per cent and 49,000 jobs were created between January and March.

More important, he said, the Government has revised its vision of Singapore - to turn it into a city with a lively night life, a more liberal arts and entertainment scene, the building of the two integrated resorts and the introduction of Formula 1 racing here next year.

‘I believe you’re going to see a transformation in Singapore. It’ll be the most vibrant lively city in this part of the world. And I believe in the next five years, we’ll see it evolve.’