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Mr Speaker, Sir, the events since
July 1997 have shown how quickly the regional
environment can turn unfavourable. The policy
measures in this budget are based on our assessment
of the present state of the Singapore economy
and the outlook for the year. They assume that
no major changes will occur in the external economic
environment which will affect us drastically.
But we cannot be certain how the situation will
develop. The Government will monitor the regional
environment and economic conditions vigilantly,
and keep in close touch with the private sector.
If the picture changes, we are ready to implement
further measures promptly. We have the resources
to do so. We cannot totally neutralise the fallout
from the regional crisis, but we will do everything
possible to offset its impact on Singapore.
Businesses and individuals must
prepare themselves for a period of slower growth
and uncertainty. They must be ready to respond
to unanticipated developments, and not flinch
from tough measures where warranted. Our best
approach is to acknowledge the realities of the
situation, however adverse they may be. This maximises
our chances of surmounting the problems. It also
demonstrates to investors and analysts our preparedness
to tackle problems directly rather than evading
them. This adds to confidence in Singaporeans
and in Singapore.
If we stay united in tackling
the problems which come our way, we will strengthen
our competitiveness, ride out the crisis, and
emerge stronger than before.
Mr Speaker, Sir, I beg to move. |
