SINGAPORE, Aug 8 — Singapore will stimulate its economy should it become necessary in the face of an economic slowdown, according to Prime Minister Lee Hsien Loong.
“This year, our economy has slowed down. Global demand and international trade have weakened. This has affected our manufacturing sector and trade-related services,” said Lee in his National Day Message 2019 today.
“In particular, we are feeling the worldwide cyclical downswing for electronics — which performed strongly last year. But other parts of our economy are still doing well.
“We have experienced such slowdowns before, and we will take this one in our stride. Should it become necessary to stimulate the economy, we will do so,” he said.
More fundamentally, Lee noted that the world is entering a more troubled period.
“We face grave challenges. One — economic uncertainties, with trade and globalisation under pressure. Two — strategic risks, with growing frictions between the major powers. And three — existential threats, with global warming and rising sea levels,” he said.
Lee warned that Singapore will not be immune to these global problems.
“On the economic front, they will disrupt supply chains, alter trade patterns and shift investment flows. We must get ourselves ready for a very different future,” he said.
“But our past gives us confidence. Throughout our history, when trials and tribulations have beset us, we picked ourselves up, and worked together to overcome them.
“Each time the world changed, we were able to survive. Each time, we reinvented and renewed our economy, our people and our city, and we thrived again. And this is what we must keep on doing,” said the Singapore Prime Minister with high optimism.
Singapore is celebrating its National Day on August 9 and this year the republic is commemorating its Bicentennial.
At the invitation of Lee, his Malaysian counterpart Tun Dr Mahathir Mohamad has agreed to attend the republic’s Bicentennial National Day Parade which will be held at the Padang tomorrow.
Dr Mahathir will be accompanied by his wife Tun Dr Siti Hasmah Mohd Ali, Foreign Minister Datuk Saifuddin Abdullah, and senior officials from the Prime Minister’s Office as well as Wisma Putra.
The ceremony will also be attended by the Sultan of Brunei Sultan Hassanal Bolkiah and Indonesian President Joko Widodo.
The Bicentennial National Day Parade 2019 is a historic event to commemorate the 200th anniversary of Stamford Raffles’ arrival in Singapore. — Bernama
