CONCLUSION

Mr Speaker, Sir, the events since July 1997 have shown how quickly the regional environment can turn unfavourable. The policy measures introduced in this budget are based on our assessment of the present state of the Singapore economy and the outlook for the year. They assume that no major changes will occur in the external economic environment which will affect us drastically. But we cannot be certain how the situation will develop. The Government will monitor the regional environment and economic conditions vigilantly, and keep in close touch with the private sector. If the picture changes, we are ready to implement further measures promptly. We have the resources to do so. We cannot totally neutralise the fallout from the regional crisis, but we will do everything possible to offset its impact on Singapore.

Businesses and individuals must prepare themselves for a period of slower growth and uncertainty. They must be ready to respond to unanticipated developments, and not flinch from tough measures where warranted. Our best approach is to acknowledge the realities of the situation, however adverse they may be. This maximises our chances of surmounting the problems. It also demonstrates to investors and analysts our preparedness to tackle problems directly rather than evading them. This adds to confidence in Singaporeans and in Singapore.

If we stay united in tackling the problems which come our way, we will strengthen our competitiveness, ride out the crisis, and emerge stronger than before.

Mr Speaker, Sir, I beg to move.

Mr Speaker: The Question is, "That Parliament approves the financial policy of the Government for the financial year 1st April, 1998 to 31st March, 1999." 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: Monday, 9th March, 1998, Sir.

Mr Speaker: So be it.