CONCLUSION

The Singapore economy is likely to see slightly slower growth this year. Over the medium term, it will continue to make good growth but not at the rates that we are used to. Although restructuring and upgrading are difficult or even painful to do in some areas, we need to press on in order not to constrain our pace of growth. We must always remember the fundamentals which have brought us where we are today. The free market has served us well and enabled Singaporeans to earn a good living. We should continue to harness it to generate prosperity for Singaporeans. Fiscal prudence has enabled us as a people to build up valuable assets. We should not be tempted to take short sighted steps that would eventually undermine our economic dynamism.