Singapore's Prime Minister Lee Hsien Loong highlighted two immediate challenges - economic uncertainties arising from the U.S. slowdown and rising cost of living in his May Day Rally address on Thursday.
But he remained upbeat about Singapore's economic prospects and was confident that it is on track to achieve 4 to 6 percent growth this year.
However Lee urged his people to "stay on guard and be prepared" for the challenging times ahead.
He warned that Singapore's economy may slow down in the next few quarters and this could last into next year.
"We should still be able to achieve 4 to 6 percent growth this year, as the Ministry of Trade and Industry (MTI) has projected," he said, adding that "But the economy will slow down in the next few quarters, and the slowdown could last into next year."
He noted that activities like construction and marine engineering will continue to do well while other sectors will be more affected by problems in the U.S. economy.
Speaking in Malay, Mandarin and English in turn, the prime minister also highlighted rising cost of living, which was brought about by rising energy and food prices, as another major concern of Singaporeans.
Reassuring his people of the food situation here, Lee said, "We are doing alright in Singapore. We have ample supplies of rice, our importers have been building up their stockpiles."
He emphasized that the government is directing assistance to Singaporeans, especially the low income and needy.
In his hour-long address, the prime minister also elaborated on the concerns and welfare of low-wage workers and what the government and the labor movement NTUC are doing to help them cope with rising living costs and skills upgrading.
Source: Xinhua
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