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22 November 2009

Singaporeans urged to learn from recession

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Singapore's Law Minister K. Shanmugam said on Saturday that there are three lessons for Singaporeans to learn from the way the Government, employers and unions handled the economic downturn, Chinese news agency Xinhua reported.

The agency cited Channel News Asia reports which quoted the minister as saying that the first lesson to be learnt from the financial crisis is the Singapore's government managed the state's finances prudently and in a disciplined way.

The second lesson is the need to build on mutual trust while the third is Singaporeans must be proactive when responding to changing circumstances, he said. In his opinion, a key factor that has helped the country come out of the economic downturn is the close relationship between the government, employers and unions.

"And for a government to come in and make sure that there is equity between the employers and employees and working together, this is something unique that we have in Singapore and never, never let that go," he added.

Singapore's Ministry of Trade and Industry (MTI) announced last Thursday that it expected the country's economy to grow by 3.0 to 5.0 percent in 2010. The MTI has also maintained the gross domestic product (GDP) growth forecast for 2009 at minus 2.5 to minus 2.0 percent.


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