Singapore Has Strength to Overcome Economic Problems: Official

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Last updated at: (Beijing Time) Monday, August 12, 2002

Singapore Has Strength to Overcome Economic Problems: Official

Singapore Minister for Trade and Industry George Yeo has said the country has the strength to overcome the economic problems it faces.

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Singapore Minister for Trade and Industry George Yeo has said the country has the strength to overcome the economic problems it faces.

Speaking to reporters Sunday at a mass community event organized to promote an active lifestyle among residents, Yeo saidthat uncertainties are existing in the region, in the US economy as well as to whether the Americans will invade Iraq.

"The strategic environment is changing and what we must ensure in Singapore is that our strategies remain robust, that we stay united, keep flexible, then whatever goes on around us, there'll be a fixed pivot point in Singapore around which everything revolves," he said.

Noting that the health of the country's economy is uppermost onthe minds of many Singaporeans, the minister affirmed that Singapore has the strength to overcome its problems.

Yeo made the remarks in line with what Singapore Prime ministerGoh Chok Tong said in his National Day message last Thursday.

In his message, Goh said Singapore's economy had done well growing by 3.9 percent in the second quarter this year and edging up 1.2 percent for the first half of 2002.

However, the prime minister conceded that the government does have concerns when looking beyond this year, saying "What if the US economic recovery falters? What if there is another major terrorist attack?"

"We cannot rule out these possibilities," Goh said, adding thatthey would affect the global economy and Singapore as well," Goh pointed out.

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