Prime Minister Lee Hsien Loong has warned that Singapore must brace itself to handle a possible downturn.
At a dinner organised by the National Trades Union Congress on Monday, he spoke of how the US economy remained soft, while Europe was in a stagnant state and China was experiencing a slowdown of its own.
Meanwhile, exports are flat in Singapore and port operator PSA is handling fewer containers, he said.
Gross domestic product expanded just 1.4% year in the three months ended September from a year ago, slowing from 2% growth in the June quarter.
"We have to be prepared for a slowdown, and possibly a downturn," Lee told some 1,100 unionists, business leaders and overseas guests at the opening dinner of the NTUC national delegates conference.
The prime minister also highlighted two main challenges facing the world today.
He cited globalisation, which brings the benefits of a worldwide division of labour but also puts workers under pressure as they have to compete with those from other countries.
Advances in technology is also disrupting industries and displacing workers at all levels, be they blue-collar workers in the factories or professionals such as lawyers and doctors.
These trends are putting pressure on wages and causing them to stagnate, said Lee, adding that old jobs were being lost as whole industries and companies experience changes.
Singapore, a developed economy, could not afford to resist globalisation or hold back the progress of technology, Lee added.
"If we try to do that, our economy will stagnate, our workers will become uncompetitive, and Singapore will be left behind," he warned.
The way forward for the republic must be to "ride the wave" and use the power of free markets to its advantage.
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At a dinner organised by the National Trades Union Congress on Monday, he spoke of how the US economy remained soft, while Europe was in a stagnant state and China was experiencing a slowdown of its own.
Meanwhile, exports are flat in Singapore and port operator PSA is handling fewer containers, he said.
Gross domestic product expanded just 1.4% year in the three months ended September from a year ago, slowing from 2% growth in the June quarter.
"We have to be prepared for a slowdown, and possibly a downturn," Lee told some 1,100 unionists, business leaders and overseas guests at the opening dinner of the NTUC national delegates conference.
The prime minister also highlighted two main challenges facing the world today.
He cited globalisation, which brings the benefits of a worldwide division of labour but also puts workers under pressure as they have to compete with those from other countries.
Advances in technology is also disrupting industries and displacing workers at all levels, be they blue-collar workers in the factories or professionals such as lawyers and doctors.
These trends are putting pressure on wages and causing them to stagnate, said Lee, adding that old jobs were being lost as whole industries and companies experience changes.
Singapore, a developed economy, could not afford to resist globalisation or hold back the progress of technology, Lee added.
"If we try to do that, our economy will stagnate, our workers will become uncompetitive, and Singapore will be left behind," he warned.
The way forward for the republic must be to "ride the wave" and use the power of free markets to its advantage.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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