In a recent address, Law Minister K Shanmugam listed three lessons which Singapore's residents must learn from the way the recent economic downturn was handled and taken care of by the country's Government, employers and unions. Managing finances judiciously, need to build upon mutual trust and proactive responses to rapidly changing circumstances are the lesson which the Minister feels that everyone should now learn.

During the recession, the Government's disciplined way of managing funds was a key factor in helping Singapore become one of the first countries to recover. The country's strong reserves were important, and these allowed the authorities to introduce the "S$20.5 Billion Resilience Package".

The close relationship between the Government, employers and unions, based on mutual trust, was also an important factor which helped the country during tough times. Mr. Shanmugam thus feels that it is very important for "the labor movement to invest in union leaders who understand the fundamentals of Singapore's tripartite system".

The third and final lesson shared by the Minister was the importance of being proactive when reacting to circumstances which change rapidly.

Urging the country's population to understand and adapt these three factors to their everyday lives, Mr. Shanmugam shared, "How we harness opportunities, mitigate risks and make the kinds of choices we make today, will have a direct impact on the future of Singapore and the livelihood of Singaporeans".