MM LEE AT ISEAS 40TH ANNIVERSARY DINNER
Country will be elevated to a new economic status comparable to that of Italy, Austria if growth continues
SINGAPORE is poised to grow in the next five years even if there is a slowdown in the American and European economies, predicted Minister Mentor Lee Kuan Yew last night.
POSITIVE OUTLOOK: Minister Mentor Lee Kuan Yew with Professor Wang Gungwu, chairman of the ISEAS Board of Trustees, at the institute's 40th anniversary dinner. Mr Lee fielded 12 questions at an hour-long dialogue. -- ST PHOTO: TERENCE TAN
And if its growth continues for yet another five years, Singapore will be elevated to a new economic status comparable to that of Austria and Italy, he added.
Thus, it is important that Singapore consolidates what it has today to strengthen its position.
'We are now at the table with a very large number of chips,' he said. 'Let's move cautiously.'
Mr Lee was speaking to some 700 academics and government leaders, including Foreign Minister George Yeo and Finance and Education Minister Tharman Shanmugaratnam, at a dinner marking the 40th anniversary of think-tank Institute of Southeast Asian Studies.
In an hour-long dialogue, he fielded 12 questions that ran the gamut from Asean unity to Singaporeans' social graces.
Mr Lee's comments on the economy come just days after the Government announced a forecast of more moderate growth of 4.5 per cent to 6.5 per cent for the year. The projections come against a backdrop of concerns over rising costs and a slowdown of the US economy.
At last night's dialogue, a member from the Deutsche Bank asked Mr Lee what his 'inspirations and dreams' for Singapore were.
The elder statesman painted a picture of how the country's economy would look like in the next decade.
In five years, Singapore will be 'at a different plateau'.
'The old Singapore, we are leaving behind,' he said.
He explained why.
Even if there was a slowdown in the US and Europe, the Chinese and Indian economies would continue to grow from 8 to 11 per cent, giving Singapore 'an extra lift'.
The two integrated resorts and the Formula One coming to Singapore will boost the tourism and hospitality industry.
Already, the property market and the banking and financial services industry are reaping the benefits.
'So at the end of five years I think we should be, barring accidents, at a different plateau. If that continues for another five years, I believe we will be more like, say, an Italy or an Austria of today, which isn't bad, considering where we started from,' said Mr Lee.
Italy is a member of the Group of 7 (G7) rich industrialised countries, and Austria is one of the 10 richest countries in the world in terms of GDP per capita.
This is a far cry from Singapore in its early days. Said Mr Lee: 'We had zero reserves in 1959, and in 1965 not many people gave us high ratings for survival, never mind success.
'So just be grateful that we are where we are and be mindful that we consolidate what we have and don't risk it.'
He concluded: 'We should be doing all right for the next five to 10 years.'
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