Barely two years after independence, Singapore ran into a crisis. The British forces here had supported our economy and defence. Suddenly, the British decided to pull out. Facing an uncertain future, our founding fathers were determined to secure the lives and livelihoods of our people.
We must have that same conviction today, as we deal with the crisis of our generation. The Ministry of Trade & Industry forecasts that our economy will shrink by between 4 and 7 per cent this year — our worst recession since independence.
Amidst this, we are grateful for the Pioneer Generation’s sacrifices and stewardship, building up our reserves and giving us the means to support our people. The fiscal prudence and discipline of successive governments have put us in a strong position to overcome this crisis, and emerge stronger after the pandemic.
DPM Heng Swee Keat announced the fourth round of support measures in Parliament today. The Fortitude Budget, together with the previous Unity, Resilience, and Solidarity Budgets will help us tide through COVID-19 with a total of almost $100 billion of support measures.
Saving and creating jobs will be our priority. We will help businesses adapt and transform, create new jobs, and provide more training opportunities to workers. We will also support frontline agencies, households and communities, and help the needy and vulnerable. No one will be left behind.
In less than a week, we will start reopening after the circuit breaker. I have been inspired by the stories of people stepping forward to help others and the sacrifices of many frontline workers keeping us all safe. Like our founding generation, we have the chance to chart bold new ways, and build a new Singapore. Let us stay united as we forge ahead together. – LHL
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