The Singapore economy is into a new phase. We are upgrading qualitatively, and not expanding rapidly like we used to. We grew 1.3 per cent last year, quite good given the weak global economy. This year we expect to grow between 1 and 3 per cent.
To build better workplaces, the tripartite partners have unanimously agreed there should be better protection for more workers, while ensuring flexibility to employers. Later this year, we will make changes to the Employment Act.
Singapore will be going through a major economic transition in the next few years. The national focus is to transform into an economy built on the foundation of quality growth, while ensuring that our society remains inclusive.
The Singapore economy did well last year. Growth was 4.9%, quite creditable considering the external uncertainties. Workers benefitted from this robust performance. Many good jobs were created, and our unemployment rate of 2% was the lowest in 14 years