SINGAPORE, May 1 — Citing slowing global economic growth and domestic challenges like the ageing population, Prime Minister Lee Hsien Loong said it has become “more urgent” for Singapore to transform its economy, and this can only be achieved if the Government, businesses and workers work together.
And while many changes lie ahead for the Republic, the Government will remain “on the side of workers” throughout this journey, said Lee in his May Day message released yesterday.
Last year, Singapore’s economy grew by 2.1 per cent, the slowest since the 2009 financial crisis, and growth this year is expected remain at 1 to 3 per cent. Globally, China’s economy growth has declined, while Singapore faces stronger global competition as its population ages and labour force remains tight.
“These circumstances make it more urgent for us to transform our economy, so that Singapore can continue to create opportunities for our people to improve their lives,” he said. “For our economy to stay competitive, we must become more productive, making better use of our limited land and labour to meet Singapore’s needs.”
This is why the recent Budget focused on new economic measures, but while these programmes are not narrowly targeted at workers, “they will benefit workers, and all Singaporeans, by helping to keep our economy strong and creating good jobs”, noted Lee.
Workers can benefit directly by participating in SkillsFuture for the training that will prepare them for new jobs being created, while the new “Adapt and Grow” initiative by the Ministry of Manpower will help mid-career and retrenched workers adapt to the changing labour market.
“Our transformation journey will mean many changes, but one thing will not change. This Government remains on the side of workers,” said Lee. “At the heart of our economic transformation is the need to ensure that Singapore continues to offer the right jobs, our workers have the right skills, and there is a good match between the two.”
Economic transformation can only be achieved if the Government, businesses and workers work together, said Lee, adding that tripartism will be key.
“Employers must envision the future of their business and work with Government and the Labour Movement to redesign jobs and develop their talent with this vision in mind,” he said. “Workers must actively partner with employers to upgrade their skills, and stay relevant for the future.”
It is not the first time Singapore has had to reinvent its economy, said Lee, adding: “ I am confident that we will succeed again if we stay united, and work resolutely and patiently at this goal.” — TODAY
