Country isn't in economic crisis, the only growth rate is slow: Singapore PM Lee

Economy - Pavan Pandey - Nov 17,2016

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country isnt in economic crisis growth rate is slow singapore pm

Singapore Prime Minister Lee Hsien Loong said that “the country’s economy growth is running slow, but the country is not in an economic crisis and an emergency package is not needed to their country, but a big and long-term strategy for the growth is must need for the Singapore. PM Lee also added in his statement, the year 2009 financial crisis created a situation for a big rescue package to cut business budgets and guard jobs, however, this time the actual problem is structural. He further added that this problem was not like a disease which can be healed with the help of some medicines, but pragmatic, long-term plans were the need of the hour.

According to the Prime Minister of Singapore, the slowdown has also affected other countries across the world and slower growth is also a new ordinary, now that Singapore is a more developed economy country. PM Lee expressed confidence that when worldwide demand improves, Singapore can target for 2% to 3% growth on average sooner than parallel developed economies. The Singapore government is facilitating businesses to renovate and find other opportunities abroad, Mr. Lee said while talking to the labor union heads in the NTUC (National Trades Union Congress) center in Marina Boulevard.

Prime Minister Mr. Lee said that the government is also assisting present labors in upgrading over the SkillsFuture Programme and it proposals supported exercise in zones where there are employments and growth forecasts. In his statement, Prime Minister Lee said the Singapore government will use more than S$ 1 billion a year on SkillsFuture and associated advantages by the year 2020. The management has an inclusive scheme for the future and plans to increase finance up to 50% for some plans in the next two years.