New 'buzz' in S'pore but economic growth is still biggest draw: SM

New 'buzz' in S'pore but economic growth is still biggest draw: SM
Posted: 25 May 2007 2121 hrs


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Senior Minister Goh Chok Tong

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New 'buzz' in S'pore but economic growth is still biggest draw: SM







SINGAPORE : Senior Minister Goh Chok Tong has said that there is a new "buzz" about Singapore, and people around the world are taking notice.

Speaking at the Singapore International Chamber of Commerce's 170th Anniversary on Friday, Mr Goh said that besides turning Singapore into a "cool and happening" place, the biggest draw would still be its economic growth.

Formula One Grand Prix cars running laps around the Marina Bay area next year will be just one of many events that will put Singapore firmly on the global landscape.

Mr Goh said, "Two weeks ago, I attended the Gala Dinner for Merrill Lynch's inaugural 'Pan Asia Rising Stars Conference'. Several foreign bankers and business executives I met - some had not visited Singapore for many years, and a few were here for the first time, told me that they were surprised and excited by the 'buzz' in Singapore.

"It is not just the business 'buzz' of the financial industry, the Integrated Resorts, the sizzling property market, and so on. It is also the glitz of our nightlife and our arts, culture and restaurant scene."

Senior Minister Goh said that 10 years ago, it was quite a different story.

Without warning, the Asian Financial Crisis happened, then it was the dot.com bust.

This was followed by the September 11 attacks in the US.

The world economy slowed and Singapore went into recession with 23,000 jobs lost within a year.

Just as Singapore was recovering, the country was gripped by SARS.

Mr Goh said Singapore kept its cool and came up with painful but necessary economic restructuring policies. And it worked.

He said, "In 2006, our GDP was S$210 billion, 55 percent bigger than in 1998. Annual growth rate over the past three years averaged 8 percent, double the figure for the period between 1997 and 2002. This year, jobs are chasing after people."

Mr Goh believes that keeping good talent and having good governance will be key for Singapore in sustaining economic growth.

He said these two factors would be the best strategy to face future challenges. - CNA/ms