SINGAPORE: The Government is closely watching the economic numbers and will step in to help with “specific and targeted measures” if necessary, Minister in the Prime Minister’s Office and labour chief Chan Chun Sing said on Friday (Nov 18).
Mr Chan was responding to reporters on the sidelines of NTUC’s U Future Leaders Summit who asked what it means for workers if Singapore slips into a technical recession, after a media report suggested such a scenario is possible.
“There’s one very big difference between the current set of numbers versus what we see in, say 2008 and 2009. Beyond looking at the averages, we need to understand that there’s a very wide spread of industries with very different performances,” he said.
“So it’s not a ‘one-size fits-all’ policy that we need like in 2008 and 2009 where there was a general slowdown. In the current environment, you see some sectors not doing as well, yet you see some sectors doing better.”
For example, the e-commerce, education, financial technology and health sectors are doing relatively well, Mr Chan said.
“So what we’re doing from the Government and labour movement perspective is to make sure that we harness our resources and take very specific and targeted measures to help those sectors that are not doing as well, yet at the same time we must also create the conditions for those sectors that are doing well to continue to do well,” he said.
He added that this reasoning was behind many of the recent measures that have been rolled out, such as the Manpower Ministry’s career support programmes.
On the economy, Mr Chan said “in the near term, there will always be gyrations in performances”, but the important thing is to focus on the long-term fundamentals instead of short-term numbers.
This includes getting governance models right and creating a regulatory environment that remains conducive for businesses, maintaining fiscal discipline that takes a targeted approach to providing help, as well as helping businesses and individuals to stay relevant, he said.
“Focus on the fundamentals, and not just be overly distracted by the short-term challenges. Because the long-term fundamentals will be how we get out of this situation in a better shape.”
- CNA/dl
http://www.channelnewsasia.com/news...tep-in-to-help-if-necessary-chan/3299158.html
Mr Chan was responding to reporters on the sidelines of NTUC’s U Future Leaders Summit who asked what it means for workers if Singapore slips into a technical recession, after a media report suggested such a scenario is possible.
“There’s one very big difference between the current set of numbers versus what we see in, say 2008 and 2009. Beyond looking at the averages, we need to understand that there’s a very wide spread of industries with very different performances,” he said.
“So it’s not a ‘one-size fits-all’ policy that we need like in 2008 and 2009 where there was a general slowdown. In the current environment, you see some sectors not doing as well, yet you see some sectors doing better.”
For example, the e-commerce, education, financial technology and health sectors are doing relatively well, Mr Chan said.
“So what we’re doing from the Government and labour movement perspective is to make sure that we harness our resources and take very specific and targeted measures to help those sectors that are not doing as well, yet at the same time we must also create the conditions for those sectors that are doing well to continue to do well,” he said.
He added that this reasoning was behind many of the recent measures that have been rolled out, such as the Manpower Ministry’s career support programmes.
On the economy, Mr Chan said “in the near term, there will always be gyrations in performances”, but the important thing is to focus on the long-term fundamentals instead of short-term numbers.
This includes getting governance models right and creating a regulatory environment that remains conducive for businesses, maintaining fiscal discipline that takes a targeted approach to providing help, as well as helping businesses and individuals to stay relevant, he said.
“Focus on the fundamentals, and not just be overly distracted by the short-term challenges. Because the long-term fundamentals will be how we get out of this situation in a better shape.”
- CNA/dl
http://www.channelnewsasia.com/news...tep-in-to-help-if-necessary-chan/3299158.html
