Singapore Govt to generate new growth, employment, prosperity for future: PM

Singapore:  Prime Minister Lee Hsien Loong's National Day Rally speech Sunday laid out the broad picture for Singapore as it makes its way into the endemic phase of the coronavirus pandemic. PM Lee took up sensitive social issues whose contours have been sharpened by the stresses brought about by Covid-19. 

While delivering the National Day Rally 2021 speech, Lee said Singapore must now refocus on the future. The city-state needs to preserve its status as a business hub, attract more foreign investments, and grow Singapore companies and entrepreneurs, so as to sustain long-term growth, he said. According to Lee, it is significant for Singapore to open up soon and allow more people to travel in and out of Singapore in a safe way.

That is because the employees of many multinational corporations, which use Singapore as their regional base and Singapore's businessmen need to fly in and out of the country to visit operations in other countries. "If our borders stay closed for too long, MNCs will find us less useful, Singaporean businesses also will suffer, and our economy will be permanently damaged," the Prime Minister said. The Ministry of Trade and Industry announced earlier this month that it upgraded Singapore's GDP growth forecast for 2021 to 6-7 per cent from 4-6 percent.

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