17 Nov 2003
Media Release: Response to MTI 3rd Quarter Economic Survey Results
"The third quarter economic survey published by the Ministry of Trade and Industry this morning revealed good news. Our economy grew by 1.7% in the third quarter. This compares well with the -3.8% registered in the second quarter. Our economy is beginning to turn around.
The employment situation has also improved. There was a net job creation of 1000 jobs in the quarter, compared with eight consecutive quarters of job losses. In our own poll done by NTUC, the unions reported that of the 463 companies surveyed so far, 94% do not expect to retrench workers in the next six months, barring unforeseen circumstances. 5% expect to retrench fewer workers than in this year. Only 1% reported that they may have to retrench more workers.
Nevertheless, workers must not be quick to assume that a better economy will bring back lifelong employment. What a better economy will bring are more job creation and greater job opportunities for all. But it will not stop the companies from shedding jobs that give low value added. The new jobs will be in the new growth areas. Workers must make best use of the better economic climate and greater job stability to continue to re-train and upgrade themselves so that they will find new employment quickly if they lose their current jobs."
- Extract from speech by Mr Matthias Yao, NTUC Deputy Secretary-General at the Graduation Ceremony for SRP courses in “Certification in Insurance and Financial Services and Diploma in Financial Planning” on 17 November 2003, 4:00 pm
