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Synopsis :

The News Presentation flashes out the high points of the Annual Economic Survey of Singapore 1984 released at a press briefing chaired by Brig-Gen (Res) Lee Hsien Loong, Minister of State, Trade and Industry. In addition it includes comments by chairmen of organisations and experts.
The programme first looks at the contribution to Singapore's economic growth by 6 sectors with a graph. It explains the factors that help Singapore's economy achieve a growth rate of 8.2 per cent in 1984 and also developments that slow down growth slightly in the last quarter.
Details of the economic performance by the various sectors highlighted include:
1) Manufacturing sector increasing growth by 9 per cent
a) electronics and electrical industries contribute substantially to the sector's output; other industries generally showing growth include petroleum industry and new petro chemical complex, garment industry, printing and publishing. Shipbuilding and ship repairing use the lull period to mechanise and diversify;
b) manufacturing continues to be dependent on foreign investments which account for more than two-thirds of its output.
c) EDB intends to be more selective in investment promotion; excerpt of its chairman, P Y Hwang's views on production overhead cost and risk in developing industries dependent on US market.
2) Trade sector growing by 8 per cent
a) 2 bright spots in trade picture - narrowing of trade deficit and surplus with US for first time
b) US still remains largest trading partner, but Trade Development Board (TDB) is assisting exporters to penetrate new markets or expand in existing smaller markets.
c) Excerpt of TDB Chairman, Chandra Das, giving his views on searching for new markets and promotion of internationally saleable services.
d) Tourism, an 'invisible aspect' of trade, increases 5 per cent, but its recovery is not sufficient to prevent hotels losing profits.
e) More promising are conventions and exhibitions, increasing 16 per cent makes Singapore No 1 in Asia in the year.
3) Transport and Communications sector growing by 10 per cent
- is helped mainly by rapid growth in telecommunications services continuing Singapore's development as communications centre.
4) Construction sector expanding by only 13 per cent
a) its growth comes primarily from HDB in the public sector.
b) private sector slows down as there are more than sufficient residential, commercial and shopping space.
5) Financial and Business Services sector, traditionally strong, remains leading growth sector, growing by 16 per cent
a) helped by various activities, but mainly affected by fear over direction of US rate.
b) less robust than 1983 and likelihood of 'slower pace' in 1985 may mean banks looking to 'new areas for business'.
c) Excerpt of answer from Hsuan Ow Yang, Deputy Chairman, Post Office Savings Bank.

General Issues of Economy include:
1) Retrenchements of workers in 1984
a) Shedding excess workers with rationalisation of operations especially in the manufacturing sector with greater automation and mechanisation, which affect blue collar workers. 70% of worker retrenchments made in this sector.
b) Number of professionals steadily increases, and hotels and restaurants need more white collar workers.
c) Excerpt of  Lim Kee Ming, President, Singapore Federation Chamber of Commerce & Industry - commenting on overcoming problem of retrenchments, such as issuing of employment pass to foreign workers and revision of some government policy to help private sector.
2) New High in Productivity
Overall productivity rate surges to 6.7 per cent. To remain competitive, workers need to strive for even higher productivity through increased automation and mechanisation.
3) Relief for man in the street
a) Inflation remains moderate; any increase is due mainly to domestic factors, such as higher government taxes on vehicles and petrol, colour television fee, cigarettes and liquor
b) Dr Chia Siow Yue, Associate Professor (Economics), NUS, gives her take on possible new sources of inflation in 1985.
4) Strong Singapore Dollar
a) It helps to keep down inflation and another advantage it makes imports cheaper and gives Singapore a surplus in the balance of payment.
b) The dollar compares favourably with european currencies and Japan Yen but it becomes a disadvantage in attracting investments from these areas.
c) Excerpt of Peter Gross, GM, Chase Manhattan Bank, commenting on what can Spore economy expect in 1985 as its economy is 'hinged' to the US economy.
5) Prospects in 1985
a) Prospects are inclined to be 'sombre, business outlook for the next six months is poor'.
b) Singapore could achieve a growth rate of 5 to 7 per cent. 1985 'will not be year for expansion, will be year for consolidation'.
c) Perception of entrepreneurs is 'made even more difficult by uncertain world economic climate'.
d) Development in electronics likely to affect significantly future growth rates.

Script and presentation by Myrna Thoas Baskaran.