○  新加坡总理吴作栋理国庆群众大会演讲  ○

gaporewillbeahomeforsingaporea.itwillbethebesthomeforustoraiseourchildren,awarmandsafehomewithagoodheartandsoundvalues,andwherestrongbondsuniteusasonefamily.

howdowegetthere?
   tocreatethisnewsingapore,wewillimplementaneweconomicstrategyandforgeanewsocialcompact.theneweconomicstrategywillenableustodevelopnewbasesofgrowth.thenewsocialcompact-anunderstandingamongallsihgaporea,andbetweenthegovernmentandpeople-willeurethatwestayacohesivenationevenaseconomiccompetitioninteifiesandtheincomegapwide.

inthisproceofgettingtothenewsingapore,wewillhavetodiscardmindsetsandoldwaysofdoingthingsthathavebecomeirrelevant.wewillhavetolearnnewcompetencies.

butthisiseasiersaidthandone

forexample,1knowmanyteachersintheir50swhohavechosentoretireearly.iftheyhadstayedon,theywouldhavehadtolearnmanynewthings.theywouldhavehadtochange30yearsofteachingmaterials,methodsandroutinesfornewones.theywouldhavehadtostrugglewiththeircomputers,andsometimes,gethelpfromthestudentstheyaresuosedtoteach.theyfoundsuchchangestreful.sotheychosetogetoffthetreadmill.

asindividuals,theycouldretire.butanentirecountrycaotquit.wehavenochoicebuttorunatthehigheedoftheglobaleconomictreadmill.otherwise,wewillbethrownoff,andallsingaporeawillsuffer.

neweconomicstrategy
   singapore''sgrowthuptonowhasprimarilybeeninvestment-driven.thishastakenourproeritytoanextraordinarylevel.butlookingintothefuture,therearelimitstohowmuchmorewecanrelyonsuchastrategy.

first,ourwagesandrentalsarealreadyhigherthanthoseinothercountriescompetingforthesameinvestments.

secondly,thereisanimbalancebetweenourexportsector,drivenmainlybymncs,andourdomesticsector.ourexportsectoriscompetitive,butourdomesticsectorisnot.

thirdly,ourexportsaredominatedbyoneindustry-electronics.thismakesusvulnerabletochangesinexternaldemand.

fourthly,ourimmediateregionisinastateofflux,andwillremainsoforsomeyears.

weneedtoreondtothesechallenges.tonight,iwouldliketooutlinefivekeythrus

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