Economic slowdown, yes, but Singapore is looking beyond the short term

WITH the economic slowdown very much a dominant issue in the headlines of late, some in Singapore might have looked to the Prime Minister's National Day Rally speech last Sunday for some promise of fiscal support or relief measures.

After all, neighbouring Thailand, as well as Hong Kong, have announced "urgent" economic stimulus packages; China is also set to roll out a plan this year and the next to spur consumption in an economy that's been losing pace.

What Singaporeans received instead were strong words of confidence and assurance that the domestic economic situation is well under control, with no need just yet for pump-priming. While he focussed his speech on the country's key longer-term priorities, PM Lee Hsien Loong also addressed what could be, for many, more immediate bread-and-butter concerns.