iexplainedwhyididnotintendtodoso.wehavealreadydiscuedonmanyoccasioourshort-termproblems.iwanttodealwiththelong-termchallenges.ofgreaterconcerntomearet
hefundamentalshiftsintheglobaleconomicenvironment,andthefactthatmanyofthejowhicharelostduringthisslowdown,mightneverreturnafterrecovery.weneedanewstrategytoreondtothesedevelopments.
moreover,duringthe1997asianfinancialcrisis,wehadputinplaceamajorpackageofrebatesandcost-cuttingmeasures.partsofthisarestillineffect,includingthecp17cut.then,inthisyear''sbudget,richardhucutcorporateandpersonaltaxes,andgaverebatesonamccharges,rentalsandutilitybills.recently,georgeyeoaouncedanotherpackagetodealwiththecurrenteconomicslowdown.
letmeaureyouthatiftheslowdowndragson,wehavethemeaandabilitytodomoretohelpyou.andwewillhelpyou.myministersandiarewatchingtheeconomyveryclosely.weareworkingoutpoibleadditionalmeasures,justincasetheeconomycontinuestoworsenandweneedtoadministerasecondpackage.
ourcurrentproblemisthecoequenceofbeingasmall,openeconomy,highlydependentonexternaltradeandforeigninvestment.whentheusandothermajoreconomiesweregrowing,wecaughtthestrongwindsandsurgedahead.nowthatthewindshavedied,ourgrowthhasslowedtoalmostastandstill.wedonothavealargedomesticmarkettogoagaitchangesinthewindintheexternalenvironment.wejusthavetocopewiththem.whatthegovernmentcando,however,istomakesurethattheeconomystayscompetitiveoverthelongterm,andsoftentheimpactofdownturonbusineesandworkersthroughcost-cuttingmeasuresandrebates.
wearedoingtherightthings,inarecentsurveyof12asiancountriesbyperc,ahongkong-basedrisk-analysiscoultancy,singaporerankednumberoneforqualityofgovernmentpolicies.percreportedthat:"singaporeisaposter-boyofhowtopursueeconomicdevelopment...nowthattheeconomyisslowinginreoetothedownturninelectronicexportstotheus,the(singapore)governmentiscomingupwithnewmeasurestobolstergrowth.yetitisnotpanicking,norisitradicallychangingotherpoliciesthathavebeenasourceofstabilityandfortifiedinves