Categories: World

Singaporean PM vows to get economy going again

Singaporean Prime Minister Lee Hsien Loong has vowed to get the economy going again amid the Covid-19 pandemic.

This week evening while delivering a speech at the swearing-in ceremony for the new cabinet, he said that the city-state's economic conditions will continue to be difficult, and Singaporeans are expected to lose many more jobs, reports Xinhua news agency.

"We will do our best to save as many as we can, and help workers who still lose their jobs to find new work," Lee said, adding that the National Jobs Council is urgently working with the unions, business associations and government agencies.

The Prime Minister also said that the government will help businesses that have been shut down by Covid-19 to start up again, and will help the sectors that rely heavily on the international market and have been hard hit by the closure of international borders to pull through, as these sectors are linked to many other parts of Singaporean economy.

Besides, Lee said that Singaporeans must also be prepared that some industries will not return to what they were before.

He said that the government cannot afford to prop up failing industries indefinitely, or trap workers in jobs that are no longer viable.

"The better, long-term solution is to invest our resources to develop new capabilities, grow new industries and create new jobs," he said.

"Then we can help firms in declining industries to reinvent themselves or pivot to other fields of business. We will also help workers in these industries reskill for the new jobs created."

In the second quarter of this year, Singapore's GDP shrank 12.6 per cent year on year.

Lee retained his post as Prime Minister after his ruling People's Action Party won 83 of the 93 parliamentary seats in the general elections held on July 10.

It won with 61.24 per cent of votes, compared to 69.86 per cent in the last election in 2015..

AddThis Website Tools
IANS

Recent Posts

Indian Armed Forces detail Op Sindoor: 5 terror camps in PoK destroyed in retaliation for Pahalgam AttackIndian Armed Forces detail Op Sindoor: 5 terror camps in PoK destroyed in retaliation for Pahalgam Attack

Indian Armed Forces detail Op Sindoor: 5 terror camps in PoK destroyed in retaliation for Pahalgam Attack

The Indian Armed Forces on Wednesday, provided detailed insights into Operation Sindoor, a precision strike…

2 hours ago
“Locations selected to avoid civilian damage and infrastructure”: Wing Commander Vyomika Singh on Operation Sindoor“Locations selected to avoid civilian damage and infrastructure”: Wing Commander Vyomika Singh on Operation Sindoor

“Locations selected to avoid civilian damage and infrastructure”: Wing Commander Vyomika Singh on Operation Sindoor

Wing Commander Vyomika Singh who briefed the media along with Foreign Secretary Vikram Misri and…

3 hours ago
“10-15 missiles hit here,” Muzaffarabad residents recall moment of Indian precision strike in PoJK“10-15 missiles hit here,” Muzaffarabad residents recall moment of Indian precision strike in PoJK

“10-15 missiles hit here,” Muzaffarabad residents recall moment of Indian precision strike in PoJK

Shelling was reported on early Wednesday, which destroyed a mosque in Muzzafarabad in Pakistan Occupied…

3 hours ago

“Was essential to bring perpetrators of Pahalgam attack to justice,” Foreign Secretary Vikram Misri on Op Sindoor

Indian Foreign Secretary Vikram Misri along with Col Sophia Qureshi and Wing Commander Vyomika Singh…

3 hours ago

More than 15 naxals killed in gunfight near Chhattisgarh-Telangana border

More than 15 Naxals were killed in an ongoing encounter near Keregutta Hills in Bijapur…

4 hours ago

On PM Modi’s direction, NSA Doval monitored and coordinated Op Sindoor

Even as Operation Sindoor was being executed Prime Minister Modi was continuously monitoring the operation…

4 hours ago