Monday, February 2, 2009

Global Economic Crisis and Govt's approach

The government has introduced a novel and unprecedented approach - Resilience Package. Many supported the way our Government has taken steps to counter or rather reduce the damage done to our society economically. The Resilience Package totalling $20.5 Billion consists 5 elements -career for Singaporeans, encourage bank lending, improving business competitiveness, assisting families and last but not least to develop a better home for the future. It is indeed a bold but imperative move by the Government to reduce the aftermath of a Global Recession.

In fact, Singapore is not the only country to implement unprecedented measures to assist her people during the gobal financial crisis. USA, for instance, rolled out its US$700 bn rescue plan while China unveiled its $586 bn stimulus package.
In light of the global financial crisis, would it encourage protectionist measures? Or would the global crisis be resolved through partnership and co-operation among the nations? Hopefully, it would encourage countries to work hand in hand in times of hardship. Perhaps, this global recession would highlight the importance of global cooperation. Who knows?

For more information on Resilience Package, visit

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