Latest Top 10 Hit Song "Long-Term Worry" by GCT
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[b]Singapore's longer-term worry is talent: SM Goh
Posted: 06 July 2007 1547 hrs [/b]
Senior Minister Goh Chok Tong
Singapore's current property bubble is a short-term phenomenon that is not a cause for worry, said Singapore's Senior Minister Goh Chok Tong, neither is rising costs as it will mean a higher standard of living and more income in real terms.
The real longer-term worry is its talent pool and how Singapore will grow.
Making these points in an interview brodcast by CNBC as part of a special report on the anniversary of the Asian financial crisis, Mr Goh - who was Prime Minister of Singapore at the time - said he would not have done anything differently as Singapore did the right thing at that point of time.
Reflecting on the period, he said the main worry 10 years ago was whether the crisis would engulf Singapore or instil a sense of confidence in people.
Mr Goh said: "Once we have taken note of the whole situation, knowing that internally, our economy is strong, we were not too worried. We knew that we could survive.
"So, the most difficult thing was to give confidence to Singaporeans that we can survive the crisis. ThatÂ’s where the cost-cutting measures amounting to some S$10 billion was a very important move on our part. ItÂ’s to restore confidence not just amongst investors, but amongst Singaporeans that we could withstand the crisis."
Mr Goh added that one of the big lessons was the need to have a strong financial sector.
He said: "We realized very much earlier that the financial industry is a global industry and therefore, youÂ’ve got to be more aware of whatÂ’s happening in the world and in the region, in particular.
"So youÂ’ve got to set up, not just internally but also externally, a system of regional surveillance of the financial performances of banks outside Singapore too. In other words, it requires cooperation from other countries as well."
He is also confident that an Asian financial crisis will not happen again since within Asia, banks have become much more transparent, with the regulatory authorities having become much more aware of the importance of transparency and good corporate governance.
There are also regular meetings, revealed Mr Goh, to ensure that if something does happen, others will be alerted and together action can be taken, such as the Chiangmai Initiative where countries met and agreed to have currency swaps between them, with a certain amount of their reserves set aside for this purpose.
Turning to domestic issues such as Singapore's rising costs, the Senior Minister said costs are always a factor and the government does worry about it.
"We do monitor inflation. Costs - we do worry. But that means youÂ’ve got to move into higher value-added industries, like biomedical services and financial services, education, health and so on," said the Senior Minister.
"We cannot be doing things which we were doing before 1997, where China and India will become much more competitive. So, costs are always important, but we are not going to allow costs to prevent us from growing. Just move into the right sector," he added.
Mr Goh said that his concerns for Singapore now are on the next lap for the country and not centered on the active property market.
He said: "The prices are at the higher end. We watch very closely. Prices for the middle-income and for the HDB heart-landers - prices there are still quite affordable for Singaporeans in general.
"So, my worry will be where do we go from here? ItÂ’s a longer-term worry. ItÂ’s not a short-term worry. It comes back to my point about talent. For Singapore to grow, you need talent, talent from Singaporeans or within Singapore and talent from outside."
The Senior Minister went on to say that though Singapore is a small country and there are always other economic competitors globally, time will hopefully develop in Singapore a confidence that it can survive, whatever the problems that may come. -
He is also worried about losing talent to other countries n in fact, he mentioned once he worried about those local going to work or study in
other countries might not come back. -
It is pointless of him to worry, but not do anything to retain locals - talented or otherwise...Originally posted by will4:He is also worried about losing talent to other countries n in fact, he mentioned once he worried about those local going to work or study in
other countries might not come back. -
yes, majority of them don't wanna come back. My siblings studied overseas and since then they are there and don't have intention to return.Originally posted by will4:He is also worried about losing talent to other countries n in fact, he mentioned once he worried about those local going to work or study in
other countries might not come back. -
Get FTs here, kill two birds with one stone. Tap on their talent and at the same time hope they become citizens and multiply so Singapore will have 6m (population). Also, if they become citizens, they may vote them.Originally posted by ShutterBug:It is pointless of him to worry, but not do anything to retain locals - talented or otherwise... -
What do you mean MAY vote them? The whole scheme is to "import" voters!Originally posted by zix1:Get FTs here, kill two birds with one stone. Tap on their talent and at the same time hope they become citizens and multiply so Singapore will have 6m (population). Also, if they become citizens, they may vote them.
I been harping about this notion since last year....!
Foreign babies, foreign talents/labour, foreign citizen converts, foreign voters..
but.. ultimately I believe it won't work on the voting part..
foreigners also have eyes and brains to see what kind of government they are ... -
my sis in law went to usa study after JC, and stayed there more than 20 years, cant get use to it if come backOriginally posted by zix1:yes, majority of them don't wanna come back. My siblings studied overseas and since then they are there and don't have intention to return. -
In spite of many reason US is crime ridden country n also can own a gun legally, how come many people from all over the planet including Spore wantOriginally posted by t_a_s:my sis in law went to usa study after JC, and stayed there more than 20 years, cant get use to it if come back
to go there? US also produced nobel peace prize winner n yet no Spore cannot. -
The difference in the US is that even though crime rates are high, and that people may own guns, YOU, can still protect/defend yourself by doing the same.... You are ALLOWED your RIGHTS as a HUMAN to do whatever you need to do to SURVIVE...Originally posted by will4:In spite of many reason US is crime ridden country n also can own a gun legally, how come many people from all over the planet including Spore want
to go there? US also produced nobel peace prize winner n yet no Spore cannot.
Here, you do and live by what your Voted God says....and you have NO rights, you cannot defend yourself, you are on your own...yet you pay Tax throughout your life...!!! YOu can't fight for yourself here... -
i also have many worry.
i worry when my salary can catch up increase cost of living.
i worry whether singapore is indeed the beautiful picture painted by the PAP
i worry about the segregation of the society.
i worry ...... more worries than GCT. -
Is it rocket science most sane, rational people would want to go somewhere where they can exercise their fundamental human rights and possess civil liberties which are rightfully accorded and protected by the rule of law (and you have every bit the right your President - well, bar the Executive rights - has)?Originally posted by will4:In spite of many reason US is crime ridden country n also can own a gun legally, how come many people from all over the planet including Spore want
to go there? US also produced nobel peace prize winner n yet no Spore cannot.
At the end of the day, if security were the only issue in the minds of most people, you should bet your mortgage on North Korea being the paradise most would seek refuge in rather than the US...
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Will they be able to understand they need to compete with other countries for talent?Originally posted by ShutterBug:What do you mean MAY vote them? The whole scheme is to "import" voters!
I been harping about this notion since last year....!
Foreign babies, foreign talents/labour, foreign citizen converts, foreign voters..
but.. ultimately I believe it won't work on the voting part..
foreigners also have eyes and brains to see what kind of government they are ...