Economic Survivor Guide  

In Asia, the prospects are bright and Singapore, we are part of Asia, we will ride this dragon as it rises. We are different from other countries, in Singapore, the way we solve our problems, the way we work together, the way we focus on tackling what worries us now and also what is coming over the horizon. So, while we respond in this crisis to help the poor and the needy and make sure everybody has work, we are also preparing for the future to make sure that when the storm clears and the clouds clear and the Sun comes out, we will there and ready to sail ahead. So, we are pressing ahead with our plans to build a new city, to build a vibrant economy, to build a first-class home where Singaporeans can live, work and play and when the Sun comes out again, we will emerge stronger, readier, more competitive and able to do better for our children and for our future.

Speech by Mr Lee Hsien Loong, Prime Minister, 1 February 2009
http://www.news.gov.sg/public/sgpc/en/media_releases/agencies/csg/speech/S-20090201-4.html

Over the last 30 years, Singapore has experienced three major economic recessions, the most recent being seven years ago, when the economy shrank by 2.4% and unemployment levels rose to a high of 4.8% in September 2002. Singapore is now facing its fourth and perhaps its most challenging fiscal crisis since it gained independence in 1965, as the government has been hard hit to find ways to help Singaporeans get out of the financial doldrums caused by the collapse of the US financial industry, which has in-turn created titanic-like reverberations globally.

Initial remedies by the Singapore government included easing its monetary policy in October 2008, aimed at boosting its domestic trade exports and revising the annual growth forecast to 3%. However, as the tourism, service and retail industries in Singapore began to suffer and island-wide retrenchments and layoffs became regular news features, the government had to take exigent measures to ensure that the economy did not spiral downwards into a bottomless slump. The S$20.5b Resilience Package was thus put forth as a bold move to shore up Singapore’s ailing economy.

This Resource Guide helps you to locate resources on coping with the recent economic recession. Resources recommended are available at the Lee Kong Chian Reference Library as well as on the Internet and from our subscribed databases that can be accessed within the library or from home.