51.

Singapore enters the new millennium on a cheerful note. The global economic environment is favourable. Our capacity to compete globally is strong. We should return to pre-crisis growth soon.

52.

However, sustained growth in the long term cannot be taken for granted and will not come effortlessly. The economic contest has become more intense with globalisation and as countries worldwide enhance their competitiveness. The Singapore economy will need to be responsive to these global developments and stay relevant and competitive.

53.

Apart from improving our physical infrastructure, and continuing to upgrade our people, here is a need to further deregulate our services sector. Many of our services are performing below their potential. The problem is insufficient industry competition. Singapore as an economy cannot hope to be globally competitive, if our services sector is a laggard at home. The Government will step up its deregulation efforts to bring our services sector and the economy to new heights.