Will Singapore be affected by uncertain financial markets?

The world maybe be facing uncertain financial markets and it may even affect Asia. However, according to PM Lee, he said that Singapore will not be affected by it. Singapore will strengthen its economy through cooperation with other countries and spending more to invest on its own citizens.

For starters, I would like to comment on PM Lee’s speech at the opening of Global Entrepolis, in which I have similar opinions too. True, Singapore is vulnerable to sudden economic turbulences, due to us being a small country, and also due to the fact that we do not possess any natural resources as backup. What we solely depend on is on our manpower. Therefore, it is best to not simply branch out to other sources for economic purposes, but also continue to flourish as a leader in global entropies. As PM Lee puts it, we are seeking opportunities to further a field in the wider Asian economy, especially in China and India, as we can see Singapore has been doing for the past few years.

In order to continue to thrive not only economically, but also in terms of bilateral and multilateral ties, Singapore has invested much in local universities and polytechnics. This is done so as to promote locals to carry out research and development for new technologies. Instead of depending on other countries, Singapore’s economy will now be able to survive on its own even if other countries’ economy collapses, because we can rely on our highly skilled pool of workers to spearhead generations more of cutting-edge, economy-leading nation.

Needless to say, in such a competitive environment where the nations of the world seem to be onlookers to the imminent collapse of the superpower, USA, Singapore must seek to forge ahead along with its neighbours. A consideration of PM Lee, he seeks to deepen cooperation with our nearest neighbours – Indonesia and Malaysia, and with other Southeast Asian partners – to establish a single ASEAN-wide economic community.

In conclusion, Singapore should maintain close cooperation with other countries as short terms measure to ensure economic security in Singapore, and investment in research and development sectors as our long term measure.