CNA: S'pore will continue to grow even if recession hits: MM Lee

S'pore will continue to grow even if recession hits: MM Lee

11 November 2007 2145 hrs (SST)

SINGAPORE: Minister Mentor Lee Kuan Yew said Singapore would continue to grow even if the world economy slows down in the coming years.

Speaking at a community event at Tanjong Pagar GRC on Sunday, he said there are enough foreign investments in Singapore, such as the two upcoming integrated resorts and next year's Formula One race, to make sure that Singaporeans have jobs.

For many Singaporeans, older generation leaders like MM Lee have laid a strong foundation for the country. But Mr Lee said it may not be all plain sailing ahead for Singapore in the years to come. He said: "There's a real possibility that next year or a year down, the road prices will go out of control. America goes into recession and stops buying so much. China stops exporting so much. India stops exporting, and we will also stop exporting. "Don't just believe everything will go up. Those who have lived long enough know that this is not true. So please remember to diversify your assets." That is why, Mr Lee said, the government has a careful spread of investments across several items like real estate, bonds and shares, to adapt to how the market shifts from time to time. He is also confident that Singapore is able to weather a global economic slowdown with several recent million-dollar foreign investments already in the bag. Mr Lee said: "The construction work that goes on with these investments, the two integrated resorts, the Formula One and the hotels, you will not starve." He said that the current economic boom in Singapore did not happen by chance. It was achieved through careful planning and he promised that the government will continue to improve the assets of Singaporeans by improving public housing and the environment around it. This includes the upgrading of older estates like Queenstown, which has a new feature called the Alexandra Canal Linear Park. Mr Lee believes such enhancements will increase property prices of public housing and improve the value of assets owned by 85 percent of Singaporeans. The minister mentor also launched a heritage book documenting the history of Queenstown. - CNA/so