Ministers Issued Global Crisis Warning
Thursday, 4th August 2011
Deputy Prime Minister Tharman Shanmugaratnam said some advanced economies will be able to scrape through but the next few years will likely see slow growth and occasional recessions.
According to Mr. Shanmugaratnam, for Singapore to stay afloat, there are four important priorities: to keep a spirit of consensus in politics; to deal with crises decisively; for Singaporeans to keep investing in the future through education and productivity; and Singapore must continue to develop the spirit of volunteerism.
Foreign Affairs and Law Minister K Shanmugam also urged Singaporeans to stay united in the face of a worsening global economy.
National Development Minister Khaw Boon Wan called on Singaporeans to be prudent and reiterated the need to "save for a rainy day". He noted that the United States and Europe are in debt because they do not save, and worse, have spent their future earnings.