Conclusion

Mr Speaker, Sir, the Government has carefully calibrated its response to the regional crisis. We have taken actions commensurate with the situation we faced. We did not over react. As a result, we have won the confidence of both Singaporeans and the international community in the way we have managed the crisis. While there are some signs of stability emerging over the past few months, there still exist many risk factors and uncertainties in our external environment. We cannot afford to be overly sanguine about the economic prospects for 1999. If things should take a turn for the worse, the Government has the accumulated financial resources to cope with the crisis.

1999 will be a test of our determination and of our nerves. We must not abandon the fundamental policies that have served us well in the past. At the same time, we have to be nimble and flexible in dealing with the situation as it develops. We will continue to invest in our future, by developing a world class infrastructure and enhancing the capability of our people and workforce. I am confident that Singaporeans will pass the test, and we will emerge from the crisis stronger and leaner.

Mr Speaker, Sir, I beg to move.