Last year, our economy grew by 2.1%, the slowest since the 2009 financial crisis. Our ageing population and tight labour force will continue to present challenges for us. We face external challenges too, such as slowing growth in China and stronger global competition. Due to these factors, we expect growth to remain at 1-3% in 2016.

These circumstances make it more urgent for us to transform our economy, so that Singapore can continue to create opportunities for our people to improve their lives.

For our economy to stay competitive, we must become more productive, making better use of our limited land and labour to meet Singapore’s needs. We must also be innovative and adaptable, constantly developing new and better ways of doing things. These are not easy tasks, and can only be achieved if Government, businesses and workers work together.

The Government is committed to this transformation process, and to supporting those ready and willing to make the effort. That is why the recent Budget focussed on new economic measures. Among other plans, we are partnering with industry players to develop sectoral transformation roadmaps, and investing more in research and development (R&D) and technology.

While these programmes are not narrowly targeted at workers, they will benefit workers, and all Singaporeans, by helping to keep our economy strong and creating good jobs. Workers can benefit directly, by participating in SkillsFuture to take charge of their learning, upgrade their skills and be ready for the jobs we are creating. With these same goals in mind, the new “Adapt and Grow” initiative will help mid-career and retrenched workers adapt to changing demands in the labour market, and renew their skills to meet them.

Our transformation journey will mean many changes, but one thing will not change. This Government remains on the side of workers. At the heart of our economic transformation is the need to ensure that Singapore continues to offer the right jobs, our workers have the right skills, and there is a good match between the two.

Tripartism is key to achieving this goal. Employers must envision the future of their business and work with Government and the Labour Movement to redesign jobs and develop their talent with this vision in mind. Workers must actively partner with employers to upgrade their skills, and stay relevant for the future.

We can succeed if we all work together and each one does our part. This is not the first time that we have had to reinvent our economy. We succeeded in the past because Government, employers and the Labour Movement came together to realise the shared vision of improving lives for all. I am confident that we will succeed again if we stay united, and work resolutely and patiently at this goal. Together, we can ensure a brighter future for all Singaporeans.

Happy May Day!