S'pore will continue to grow

S'pore will continue to grow even if recession hits: MM Lee
By Valarie Tan, Channel NewsAsia Posted: 11 November 2007 2145 hrs

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

李资政：新加坡经济明年能持续增长

新传媒新闻报道，内阁资政李光耀说，就算世界经济接下来放缓，新加坡经济将能持续增长。因为我国有足够的外国投资，加上两个综合娱乐城，以及明年一级方程式F1大奖赛，将为国人提供就业机会。

李资政是在丹戎巴葛的一个社区活动中这么表示。虽然先辈为新加坡打下稳固的根基，但新加坡的未来，未必是一帆风顺的。

李资政表示，“有可能明年或后年，物价暴涨，美国经济有可能衰退，不再采购，中国不再大量出口，印度也停止出口，新加坡也不再出口。”

资政说，政府必须根据不同时期的市场动向，分散风险，投资在房地产、债券和股票上。

“有可能明年或后年，物价暴涨，别以为一切上涨后不会下跌，年长的人应该知道，这是不正确的，所以记得分散你的资产风险。”

资政也说，我国现有的繁荣是经过审慎策划得来的，“新加坡是一个名牌，全世界了解到，新加坡廉洁能干，可以做事。”

资政吁请国人珍惜辛苦得来的成果。而政府也将继续协助国人的资产增值，包括提升住屋和环境，如亚历山大水道直线公园的落成便是例子。他相信，这将能确保住在组屋的85%的人口的资产有所增值。

资政也为陈述女皇镇历史的一本书籍主持推介仪式。