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MM Lee: Next 5 to 10 years the most promising for S'pore

SammyHulk

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MM Lee: Next 5 to 10 years the most promising for S'pore
By Bryan Lee, Economics Correspondent


THE Singapore economy may be facing both immediate and long-term challenges but Minister Mentor Lee Kuan Yew thinks the next five to 10 years will be the most promising in the country's history.

In fact, the economy could still grow by as much as 8 per cent a year - a rapid clip for a developed nation - as efforts to transform Singapore into an international and cosmopolitan city pay off.

'We are moving to a new plateau, a new platform. You can see it visibly before your eyes,' said Mr Lee last night at the annual dinner of the Economic Society of Singapore.

'If there are no big recessions worldwide, growth can easily be 4 to 6 per cent, maybe 7 to 8 per cent.'

Mr Lee's optimism for the local economy comes even as gross domestic product growth in the second quarter slumped to its worst in five years.

A slowing US economy and accelerating inflation are taking their toll, while structural issues such as an ageing population and a widening income divide loom in the horizon. 'The point is that we have got enormous options,' he said.

He described to a packed Ritz Carlton Hotel ballroom his recent drive around the Marina Bay area, which is being developed as a new business district as well as the site for one of Singapore's two integrated resorts. 'It will be a beautiful city... in 10 years, it will be wonderful.'

Still, there is no room for complacency, given Singapore's lack of natural resources, he warned.

In fact, he said that retaining human talent is a big challenge: 'The biggest problem Singapore faces is that we have educated the Singaporean in English to the best of world standards. We have made him viable, employable anywhere in the world.'

This outflow is more than offset by an influx of 'even larger numbers of bright people from the region'. But a majority of 'born and bred Singaporeans' is still needed to ensure the new immigrants are rooted here.

'You need 65 per cent of the population to be born and bred Singaporeans, steeped with the culture, steeped with instincts of what a Singaporean is. They will slowly influence the migrants who join us to become like us.'

After Mr Lee's comments, prizes for an annual essay writing competition organised by the society and the Monetary Authority of Singapore (MAS) were given out.

National University of Singapore undergraduate Ishita Dhamani won first prize in the university category while former Anglo-Chinese Junior College student John Ying, who is in national service, came up tops in the pre-university category.


Source: http://www.straitstimes.com/Free/Sto...ry_256845.html

Well, our MM Lee yet again....:cool:
http://www.straitstimes.com/Free/Story/STIStory_256845.html
 

techiedick

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Even if he says we are the richest nation on this planet, Straits times and the SPH papers will start finding info to support his claim.

We are small really small and with limited resources, we have survived til today is due to hard work. Not just cos of govt policies, every one has to put effort into it.

I must say we have to thank our forefathers for their hard work to build this nation for what it is today.

Look at up North, they have resources but still have very much to work on and improve. Importantly, the population has to work hard.

I would say the old man is lucky to have very good dedicated men around him, just like any empire makers, without which he wont be what he is today.
 

High Command

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A nation is only as rich as it's people. My question to him is are the people rich and are the people happy? Personally my view is that the people are not poor and neither are the people happy (in fact the people are frightened!). I know I am!
 

director66

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A nation is only as rich as it's people. My question to him is are the people rich and are the people happy? Personally my view is that the people are not poor and neither are the people happy (in fact the people are frightened!). I know I am!

Aiya, just follow law! :biggrin:
 

KannyTong

New Member
Wow! 8 percent a year for the next 10 years. At this rate Singapore will be the richest country in terms of GDP per capita in the world!! Europe and US cannot catch up as their economy is all screwed and is growing only 0-2% max. I await that day eagerly!!

Long Live LKY!! Thanks for the good news!
 

Whats4

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Wow! 8 percent a year for the next 10 years. At this rate Singapore will be the richest country in terms of GDP per capita in the world!! Europe and US cannot catch up as their economy is all screwed and is growing only 0-2% max. I await that day eagerly!!

Long Live LKY!! Thanks for the good news!

u wont benefit much unless u got relationship wqith those on top
 

kakowi

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(1) It is true that singapore architecturally is being changed. Over the next 5 years the skyline will be different.

(2) But it is also true that the income divide is widening. My concern is that the Ministers' high salary insulate them from the income divide. They do not live it. Thus whilst they hear, they may not be able to understand what it means to be a poor to middle class living in singapore. This is a hypothesis.

(3) For the past few years, economic growth seems to be due partly to splitting hairs and charging for it. If you want this, you pay. If you want that, you pay. If you want your xrays, you pay for the copy, the gst and if you pay by NETS, you also pay the surcharge. In the past, hospitals will lend you the xrays (some still do). The copy, gst, NETS surcharge for just one item of a medical visit all adds to GDP. The rise in bus fares, mrt, pub, erp, etc also adds to GDP.

Sure GDP grows. And it is real output too. But it should also benefit Singaporeans.

...

All along the assumption is that so long as GDP grows, the people will benefit. With the advent of the international and cosmopolitan Singapore, can there be a testing of this assumption - that GDP growth leads to benefits?

To give a pun, Singapore should remain Singapore, and not become Siong-gapore (injured frog).
 
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damnu88

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No matter what it's still a small little RED DOT on the map. Can it be enlarge over years? After his interview and why 5 to 10 years time. Everything from that man got a reason behind.
It's to state out the benifits and pros and cons for sillyporeans first before they cast votes for election??
Will there be a percentage drop on the white party?? Does he know the anger from every sillyporeans come from???
A drop in reproduction of sillyporeans which cant meet the standard percentage level and wanted to follow the Sweden way?? What causes it to happen?? Sillyporeans money enough to spend??
 

suteerak1099

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if we observe his speeches n mentions, his words may seem direct, bt there's underlying meaning. in the recent mths, he's made remarks that the opposition should brace themselves as govt-to-be.

so, i guess its a pretty good hint that the whitewashed wall is showing signs of cracking?
 

troubledtimes

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HA HA HA HA !!!!!!!!! How fast fortune changes... within 1 month of this report, sg is facing the worst recession this decade.
 
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