SINGAPORE is well-poised to take on the challenges of the economic downturn, said President SR Nathan on Monday.

Speaking at the Singapore Chinese Chamber of Commerce & Industry's (SCCCI) annual Lunar New Year gathering, Mr Nathan said Singaporeans should take heart from the fact that the Republic was facing the downturn in a stronger position than in previous recessions.

'Our economy is more diversified. Our banking sector, while not immuned to the global financial turmoil, remains sound,' he said.

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