THE current crisis in Greece holds important lessons for Singapore.
The new anti-austerity Syriza-led government will face an uphill task turning around the country's economy. With limited monetary reserves and talk of debt write-offs by its major creditors, Greece is in poor shape with more than 25 per cent unemployment.
Singapore, with its diminutive size, is naturally more vulnerable and sensitive to global economic events.
Fortunately, and to the Government's credit, we have substantial reserves and do not have huge national debts.
However, Singapore's economy is undergoing restructuring to reduce our reliance on foreign labour. We also face an ageing population - with a whole host of related issues like unemployment, rising health-care costs and so on - and rising expectations of our citizens, especially the younger ones.
The need to carefully tweak government expenditure to generate optimal and sustainable benefits is even more paramount.
Justification for a Pioneer Generation Package Part 2 must be viewed holistically. It can be implemented only if we have the means to do so, as rightly pointed out by Social and Family Development Minister Chan Chun Sing ("Pioneers package Part 2? 'It'll depend on next generation' "; Tuesday).
We must not and should not expect the younger generation to take on the added burden of caring for the ageing population, as they will face other lifelong economic challenges.
All Singaporeans should try to be self-reliant instead of depending on government handouts.
Likewise, Singapore, as a country, has to have a similar mindset, otherwise we could become another Greece. With prudent financial management and dynamic leadership, we can succeed - just as we have done for the past 50 years.
Raymond Koh Bock Swi
The new anti-austerity Syriza-led government will face an uphill task turning around the country's economy. With limited monetary reserves and talk of debt write-offs by its major creditors, Greece is in poor shape with more than 25 per cent unemployment.
Singapore, with its diminutive size, is naturally more vulnerable and sensitive to global economic events.
Fortunately, and to the Government's credit, we have substantial reserves and do not have huge national debts.
However, Singapore's economy is undergoing restructuring to reduce our reliance on foreign labour. We also face an ageing population - with a whole host of related issues like unemployment, rising health-care costs and so on - and rising expectations of our citizens, especially the younger ones.
The need to carefully tweak government expenditure to generate optimal and sustainable benefits is even more paramount.
Justification for a Pioneer Generation Package Part 2 must be viewed holistically. It can be implemented only if we have the means to do so, as rightly pointed out by Social and Family Development Minister Chan Chun Sing ("Pioneers package Part 2? 'It'll depend on next generation' "; Tuesday).
We must not and should not expect the younger generation to take on the added burden of caring for the ageing population, as they will face other lifelong economic challenges.
All Singaporeans should try to be self-reliant instead of depending on government handouts.
Likewise, Singapore, as a country, has to have a similar mindset, otherwise we could become another Greece. With prudent financial management and dynamic leadership, we can succeed - just as we have done for the past 50 years.
Raymond Koh Bock Swi
