REGIONAL ECONOMIC CRISIS (Impact on Singapore economy)

Mr Tay Beng Chuan asked the Minister for Finance (a) what is the latest assessment on the adverse impact of the worsening economic and political situation in Indonesia and the prolonged adverse economic conditions of Japan and other Asian countries on the Singapore economy; (b) whether the possibility of a sudden economic downturn or recession is much more imminent now; and (c) whether there is now an urgency to respond to the worsening regional economic crisis with various off-Budget measures such as the lowering of Government taxes and charges and the provision of stimulus in the form of substantial increases in infrastructure expenditure.