CONCLUSION

The prospect for the world economy in 1992 remains uncertain. The US remains in recession. Economic growth in Japan and Germany is expected to be sluggish. The latest round of GATT talks has yet to produce a final, definitive and positive result. We also do not know if the Single European Community and the North American Free Trade Area will eventually affect world trade.

Singapore will be affected by these uncertainties. Our trade growth will decline if global demand falls; investment flow into Singapore will also slacken. 1992 may therefore be a more difficult year for all of us but I am certain that we will continue on the path of economic growth. Over the years we have built up a strong economic base and installed a sound fiscal system. We have eschewed wasteful consumption but invested heavily in human resources and physical infrastructure. With these foundations in place, we can face the future with confidence.

Mr Speaker, Sir, I beg to move. [Applause].

Mr Speaker: The Question is, "That Parliament approves the financial policy of the Government for the financial year 1st April, 1992 to 31st March, 1993." In accordance with paragraph (1) of Standing Order No. 86, the debate now stands adjourned.

Debate to be resumed on what day, Dr Hu?

Dr Richard Hu Tsu Tau: On Monday, 9th March, 1992.

Mr Speaker: So be it.