SINGAPORE - Singapore has to adopt a targeted and long-term perspective in its economic strategies, even as it tackles short-term headwinds posed by a challenging global environment, said Trade and Industry Minister Chan Chun Sing.
"We have always been transparent and honest with our people on our challenges, opportunities," he told grassroots leaders and residents gathered at the Tanjong Pagar Community Club. He noted that during the Asian Financial Crisis in 1997 and the Global Financial Crisis between 2007 and 2008, Singapore's economy experienced sharp but short downturns triggered by a sudden loss of confidence in global financial markets.
But the structural changes taking place at the same time are complicating matters, he said, pointing to longer-term shifts in supply chains and productions patterns, a pull-back from globalisation and an erosion of the multilateral trading system, including institutions like the World Trade Organisation.
Singapore has to diversify and deepen its access to markets, work with like-minded countries to explore new areas of cooperation, and press on with efforts to renew the domestic economy.
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