The downturn looks to have bottomed out and signs of recovery are there, but Prime Minister Lee Hsien Loong reiterated the warning that “it is going to be a long, hard climb back up”.
“The outlook is not bad, but please be psychologically prepared for a slow pickup, and even for surprises,” he said. “Do not assume that the worst is over.”
While employment figures are improving and the stock markets have recovered, Mr Lee warned that the possibility of a W-shaped recovery remains.
Asked by a student about the Government’s strategy going forward, Mr Lee said the task at hand is to decide what measures Singapore needs in 2010 “in case the economy turns bad again”. The Government will make a decision in the coming month on the Jobs Credit scheme which runs out at the year’s end.
Source : Today – 16 Sep 2009
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