Economy to grow 2.5 to 3.5 per cent this year, CPF changes to help retirees: PM Lee

Economy to grow 2.5 to 3.5 per cent this year, CPF changes to help retirees: PM Lee

SINGAPORE - Prime Minister Lee Hsien Loong in his annual National Day message on Friday gave assurance to those approaching retirement that they will be taken care of, and to the young that they will all be given a chance to achieve their potential.

Get the full story from The Straits Times.

Singapore's economy will grow 2.5-3.5 per cent in 2014: PM

SINGAPORE - Singapore's economy will grow 2.5 per cent to 3.5 per cent in 2014, Prime Minister Lee Hsien Loong said on Friday, narrowing the government's earlier forecasts.

The previous projection was for full-year 2014 growth of 2-4 per cent.

Lee gave the forecast in his customary address ahead of Singapore's National Day on Saturday, adding that in the first half of the year the economy grew 3.5 per cent on an annual basis.

The government releases its final reading of second quarter GDP data next week. A Reuters poll showed an expectation that the city-state's economy contracted less than initially estimated for April-June on a quarter-on-quarter basis, after some resilience in manufacturing output in June.

Here is a Facebook post by PM Lee on his National Day message:

Tomorrow is National Day. Singapore has come a long way since independence. Our Pioneers worked hard to build a better home for us, their children. Now we need to reassess our direction forward, to build for our children.

In my Message, I talk about improving social safety nets to give Singaporeans peace of mind. Also about keeping Singapore a land of hope and opportunity for all.

What Singapore becomes depends on what we make of it. Let's work together to build a brighter future for all. - LHL

Here are links to the National Day Messages:
English -
Mandarin -
Malay -
Tamil -

Here is PM Lee's National Day Message 2014:

I am here at the Alexandra Park Connector near Dawson. This area used to be kampongs and swamps. Now this neighbourhood includes homes, shops, and restaurants, beautifully integrated with nature, running water and green spaces.

Dawson is an example of how we are upgrading Singapore, year by year. We are working together to improve our lives, build a better home, and hand to our children a better Singapore than what we inherited.

This was the spirit of our pioneers. They worked hard to take Singapore from Third World to First. They worked together. Thanks to them, we have today's Singapore. The Pioneer Generation Package is our way of saying 'thank you'.

We must uphold the spirit of our pioneers in a new era. The globalised world offers many opportunities for the bold and enterprising. But it also makes people uncertain and anxious about their future. Events overseas affect us quickly and unpredictably, such as political changes in Southeast Asia, maritime disputes in the South China Sea, or armed conflicts in Gaza and Ukraine.

Singapore has changed too. Most of us were born after independence, and have grown up in a completely different Singapore than our pioneers. Our interests and opinions are more diverse and deeply held. We are now at a higher level, from which we can scale new heights. Hence we must reassess our position, review our direction, and refresh our strategies.

We are improving our social safety nets, most recently with MediShield Life. Mr Bobby Chin's Committee and the Ministry of Health have done a good job working out the details. Many Singaporeans offered valuable feedback which improved the scheme. In Parliament last month, all MPs endorsed the White Paper on MediShield Life. Now we must implement it well. Please work with us on this.

More about

national day
Purchase this article for republication.



Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.