| Notwithstanding the optimistic outlook,
the current economic slowdown should serve as a sober
and timely reminder of our vulnerabilities as a small
country heavily dependent on world trade.
With a limited domestic market and
few resources, we have no choice but to be open and
to compete in the world market to survive and prosper.
We can grow faster by taking advantage of global markets
and advanced technology, and by riding on opportunities
including the worldwide electronics boom which has prevailed
over the last few years. However, our openness exposes
us inevitably to the fluctuations of global business
and demand cycles. When market conditions change, we
are rapidly affected.
We have no choice but to stay internationally
competitive and trim, even during boom periods when
opportunities are plentiful. When a slowdown occurs,
we will then have the resilience to weather it, and
can use the respite to consolidate our economy, preparing
ourselves to rebound when market conditions change yet
again.
Staying competitive, however, will
not be easy. International competition is becoming keener
in all sectors in our economy. It is not just that we
face more competition than before, but that we are now
in a new and qualitatively different environment. |
