SINGAPORE, May 1 — The Republic can look forward to “healthy economic growth” this year if it keeps up the momentum from 2017, said Prime Minister Lee Hsien Loong in his May Day message released yesterday.
Last year, the economy grew 3.6 per cent — a “good result for a developed economy” — and productivity rose to a seven-year high while “more and higher-paying jobs” were created, added Lee, as he noted how Singapore “made the most of favourable global conditions”.
“Our workers are hardworking and agile, and our businesses are resourceful and adaptable. We learned new skills, adopted new technology, and ventured into new jobs and markets. This collective effort is paying off,” he said.
However, he cautioned that the outlook this year will hinge on external conditions with prospects for the global economy clouded by recent trade tensions between the United States and China.
“We are watching developments with concern because trade is our lifeblood,” Lee reiterated.
“A trade war would damage the international trading system that has sustained global economic growth for decades.”
Still, regardless of what happens internationally, “domestically we must always work together as Team Singapore, so that workers are taken care of, and we are ready for any opportunities or shocks that come our way”.
Lee said: “We are making progress transforming our industries and sectors, making them more productive and efficient.”
With all 23 Industry Transformation Maps rolled out, the tripartite partners — government, employers and unions — are “working hard to turn these plans into actions and programmes that make a meaningful difference to companies and workers”.
In the meantime, Singapore continues to strengthen its workforce through initiatives such as SkillsFuture and Adapt and Grow.
Lee noted that mid-career professionals, managers and executives can turn to Career Support and Professional Conversion Programmes for job-matching. Long-term unemployed workers are also getting greater support from higher training allowances and salaries under the Career Trial and Place-and-Train programmes.
While the Government provides support and incentives to employers and workers to upgrade and transform, these two groups “must do their part too”, Lee stressed.
“We are fortunate to have a strong Labour Movement fully committed to support our workers, protect their interests and fulfil their aspirations,” he added.
He noted that under the leadership of outgoing labour chief Chan Chun Sing — who will leave the National Trades Union Congress (NTUC) today to helm the Ministry of Trade and Industry — the labour movement is “standing side by side with workers, providing assurance and support”.
NTUC has grown in strength and extended its outreach to freelancers, the self-employed, migrant workers and professionals, Lee noted.
“It represents the workforce of today and tomorrow,” he said.
“The Labour Movement will be a pillar of strength as we brave the challenges and storms, working together to build a dynamic and prosperous Singapore.” — TODAY
