PRIME MINISTER’S 2012 NEW YEAR MESSAGE

1.         2011 was a significant year for Singa­pore. Singaporeans went to the polls twice, and elected a new government and President. Having made a significant political transition, we are all now adjusting to new norms in a changed environment.

2.         We achieved steady growth of 4.8% this year. The external environment is uncertain. Debt problems in Europe are far from solved. Next year looks like being difficult for the global economy. As a small, open country, Singapore will inevitably be affected.

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Supported by strong employment creation, the unemployment rate declined to a 14-year low in 2011. The median income of Singaporeans has increased, amid the tight labour market. Even for low-income Singaporeans at the 20th percentile, real income has grown over the last five years. These are the key findings from the “Employment Situation, 2011” report released by the Ministry of Manpower’s Research and Statistics Department.

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The Business Expectations Survey for the services sector for first quarter 2012 was conducted from December 2011 to mid-January 2012. Majority of firms (a weighted 55%) in the services sector expects the business situation to remain unchanged for the period of Jan - Jun 2012 compared with Jul - Dec 2011.

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