PM in an upbeat N-Day message says: Country will be completely transformed within a decade
HERE'S another reason for cheer on National Day.
The work to transform Singapore's economy is paying off as Prime Minister Lee Hsien Loong announced a new and higher growth forecast for this year, of between 7 and 8 per cent.
The earlier projection was 5 to 7 per cent.
The positive outlook was not just because Singapore drew more investments or gave more people jobs. Mr Lee put it down to the way Singaporeans had responded.
'Our people are adapting and working smarter. We are organising ourselves more efficiently, and making better use of our resources. In short, we have increased our productivity,' he said yesterday in his National Day message.
'Our efforts to transform our economy are paying off. The global economy is continuing to change. If we keep on adapting and re-adapting to it, we can keep growing strongly for many more years.'
As he spoke of a changing Singapore, Prime Minister Lee Hsien Loong also changed the venue for his annual National Day message. Instead of delivering it from the staid Istana office, he opted for the top floor of the National Library Building with the attractive Singapore skyline as his backdrop.
Explaining the change to reporters after recording the 10-minute message that was shown on television yesterday, he said: 'We've been doing National Day messages for years and years. The format is quite standard. I thought this year we should make a change.
'Singapore's changing. I'm talking about it and I'd like Singaporeans to see it. And here we are in the National Library. I'm proud of the building and I'm proud of the view.'
Growth in the first six months of the year hit 7.6 per cent which, he said, was higher than expected.
Just last month, the Monetary Authority of Singapore said it was not changing its forecast, although it acknowledged second-half growth could accelerate.
But private-sector economists had been predicting that full-year growth would be closer to the now-revised rates.
Said United Overseas Bank economist Alvin Liew: 'Latest GDP figures show the economy has successfully diversified, so even when manufacturing is weak, we can still achieve stronger growth.'
'Going by the new numbers, we reckon the economy grew 14 per cent from the first to the second quarter. It's a blistering pace,' he added.
However, there are dark clouds that could dampen growth.
Fortis Bank strategist Joseph Tan highlighted several, such as the office space crunch, a job market hungry for workers, and the mortgage woes in the United States.
'With all this uncertainty, it is going to be tough for Singapore's growth to be sustained in the second half,' Mr Tan said.
PM Lee noted the financial markets had been 'choppy', but said Asia's medium-term fundamentals remain strong.
Overall, his message was an upbeat one.
Singapore had four good years of growth, and much to look forward to, including the integrated resorts and the Formula One Grand Prix race.
A decade after the Asian financial crisis, the region had regained its balance and countries were moving forward.
Singapore was 'at the heart of this rising Asia' and had strengths like a corrupt-free society and disciplined workers to draw on.
'Looking ahead, we are poised to take off,' he said.
He added: 'Within a decade, our city and our whole country will be completely transformed. The world is taking notice. It will be a new Singapore, but with our own unique identity, and the can-do spirit of the Lion City.'
Still, he was mindful about the concerns of Singaporeans who were being left behind and the widening wage gap.
Help was available, he said, adding: 'We want everybody to benefit from Singapore's success.'
He also assured older Singaporeans that they will not be neglected. 'I know many older Singaporeans worry about whether they can make ends meet. We are making changes to help you to work longer, earn more and build up your retirement savings.
'We will enhance the value of your HDB homes, which are a nest egg for old age. We will improve the CPF scheme, so that you can enjoy a steady income and peace of mind in your golden years.'
Singaporeans had every reason to be confident about the future, he said as he wished them a happy National Day. 'The global backdrop is favourable. The winds and tides are with us. Our spirit is high, and our ship is ready.'
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