CONCLUSION

Singapore has achieved economic success on the basis of few advantages and despite many limitations. We are much stronger now economically than we were a decade ago. However, the limitations of geography and size will not go away. Adapting nimbly to changes in the environment and staying relevant to global demands remain fundamental to Singapore's survival.

1996 saw growth moderating in Singapore. In 1997, we expect a gradual recovery, in line with a turnaround in global electronics demand. Over the medium to long term, Singapore can expect to continue to enjoy good growth, if we focus our efforts on staying competitive and remaining responsive to the external environment. The future is not guaranteed but it can be bright.

I am optimistic that Singaporeans can rise to the challenges of the new environment and sustain our economic dynamism in the 21st Century as we move up into the ranks of a developed economy.