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Chapter 13

Chapter 13. Impact of Recession. Asian Economic Crisis. Started in Thailand External debt and NPL Spillover to Indonesia, Korea and Japan Malaysia : FX control. Impact on Singapore. Retrenchment in 1998 NTUC help: Job match. Committee on Competitiveness Recommendations.

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Chapter 13

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  1. Chapter 13 Impact of Recession

  2. Asian Economic Crisis • Started in Thailand • External debt and NPL • Spillover to Indonesia, Korea and Japan • Malaysia : FX control

  3. Impact on Singapore • Retrenchment in 1998 • NTUC help: Job match

  4. Committee on CompetitivenessRecommendations • Reduce business costs • Maintain investor confidence • Build capability, more productive • Seek new markets • Form strategic alliances

  5. Human and Intellectual Capital • Maximise domestic manpower • Attract foreign talent

  6. Domestic Manpower • Continuing education • Developing executives • Women and older persons • Job re-design

  7. Attracting Foreign Talent • Reduce cost of living: housing • International schools • Reduce recruitment cost • Foreign worker policy

  8. Labour Govt fees Taxes Household rebates Telecom Industrial land Transport Utilities Cost Cutting Package

  9. Cut in CPF rate Many people affected: • Provide bridging loan • HDB Assistance scheme • Reduce payment, reschedule

  10. Boost economy Help companies cut cost Help retrenched workers Incentives for employers July 2001 Off-budget Package

  11. October 2001Off-budget Package • Tax & fee rebates • Assist local enterprises • Property measures • Infrastructure • Employment assistance • New Singapore shares

  12. FairPrice INCOME Foodfare Childcare Healthcare Choice Homes Thrift NTUC Club Vouchers NTUC Relief PackagePrice reduction

  13. SARS Relief

  14. Courage Fund • Launched April 2003 • Rallying point for people to help SARS victims • Support for healthcare workers • Government: $1 million + dollar for dollar matching

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