Prime Minister's Chinese New Year Message 2008

This year, Singapore Prime Minister, Lee Hsien Loong's, Chinese New Year Message is centered around the economy. Below is quoted from part of his message.

"The Year of the Rat begins under more uncertain and challenging circumstances. Turbulence in financial markets worldwide has shaken consumer and investor confidence. The US economy is slowing down, and possibly sliding into recession. Worldwide energy and food prices have soared, raising prices in Singapore too.

We should gird ourselves for further uncertainties ahead. But we can also be confident, for Singapore is in a strong position to weather any storm. I know many Singaporeans worry about rising food prices and the cost of living. As a small, open economy, which imports almost everything we need, we cannot escape these global trends. Nor can we fix the prices of cooking oil, flour, or other essential foodstuffs as this would create artificial shortages, queues and a black market. But we can and will directly help those in need. The Workfare Income Supplement Scheme made its first payment last month, paying $150 million to 290,000 low-income workers. With good growth, we have the resources to help ease the burden on Singaporeans, especially for the poor and elderly.

In the Chinese zodiac, the Rat symbolises wit, imagination and resourcefulness. Let us harness our creativity and ingenuity to tackle the challenges that lie ahead. Then despite the difficulties that come our way we can all look forward to another good year for Singapore and for ourselves."

PRIME MINISTER'S CHINESE NEW YEAR MESSAGE 2008: Full Message