Having benefited enormously from globalisation, it must resist the temptation to turn inwards, he cautioned in his annual New Year Message on Tuesday .He noted the state of the world worries Singaporeans, as the global slowdown has affected the economy. In November, the Trade and Industry Ministry said the economy is expected to grow by 0.5 to 1% in 2019.
The social safety nets that protect the poor, elderly and vulnerable will be improved, and"we will help households with their cost of living", the Prime Minister said in a message recorded at the Bicentennial Experience exhibition in Fort Canning. One lesson to be drawn from history, he noted, is that while the Government has to stay on top of bread and butter issues, the intangible ethos of a society is even more vital in the long run.
"Here, each generation never stops thinking of tomorrow, so that our children can look forward to exciting opportunities, and in their turn build a better Singapore." They are also angry that the fruits of economic growth have not been shared equitably, with income gaps widening, said PM Lee.
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