Singapore achieved 3.5 percent growth in the fourth quarter of 2009 -
after negative growth in the first and second quarters, and 0.6 percent
growth in Q3.
But for the whole year, growth is still negative at minus 2.1 percent.
The Trade and Industry Ministry had forecast GDP growth for 2009 at -2.5 to -2.0 percent.
Charting out the goals for 2010 in his New Year message, Prime Minister
Lee Hsien Loong says the country must shift gears to achieve a
qualitative growth.
And that would involve transforming the economy, developing skills, and growing talent - both locally and from abroad.
Mr Lee says while the government continues to track short term economic
trends closely, it must also secure Singapore's long term position.
For this, companies must add value - by doing things more efficiently,
restructure businesses as conditions changed and venture into new,
promising areas.
Workers must up-skill, re-skill and multi-skill.
PM Lee adds that the Economic Strategies Committee, set up in the
middle of 2009, is reviewing the longer-term strategies for growth, and
will propose policies to achieve the country's full potential.
It will publish its main recommendations soon, which the Government will respond to in the coming Budget.
Mr Lee also adds that Singapore must grow the economy and sustain good jobs, so that all citizens can share in the benefits.
However, he cautioned that in terms of total GDP, the economy is likely to expand more slowly than before.
Singapore must make up for this by expanding its external wing and
focusing on raising per capita income, through up-skilling and economic
upgrading.
In that way, Singapore can continue to prosper and every Singaporean can look forward to a better life.
So Mr Lee urged Singaporeans to give their best, and stay united - for a brighter future in the post-crisis world.
--938Live