May Day Rally 2018: Highlights

Prime Minister Lee Hsien Loong is speaking at the annual May Day Rally on Tuesday (May 1) morning. Here are the highlights from his speech:

ECONOMIC OUTLOOK:

* PM Lee said there's a "good chance" that Singapore's economic growth this year will exceed 2.5 per cent, and expressed hopes that the momentum continues on the economic front. Singapore's economy grew 3.6 per cent last year, a "good result" for a developed economy, Mr Lee said in his May Day message this year.

GLOBAL ENVIRONMENT, US-CHINA TENSION

* The performance of the Singapore economy will depend much on the global environment, said Mr Lee. While the major economies – the United States, Europe, and China – appear "alright", "tensions are brewing which cloud the outlook", he added, in reference to the ongoing trade spat between Washington and Beijing.

* "Singapore will suffer collateral damage even though we are not involved in the (US-China trade) fight," Mr Lee said, repeating a concern he has aired on several occasions recently.

* Mr Lee also reiterated his earlier warning on the global implications of disrupted US-China ties, saying that "what is at stake is not just countries’ prosperity, but war and peace". He had also written a recent op-ed on this subject. 

DISRUPTIONS IN THE TRANSPORT, BANKING, AND RETAIL-LOGISTICS SECTORS

* PM Lee cites examples of disruptions in the transport, banking, and retail and logistics sectors to illustrate the need for Singapore to restructure and upgrade the workforce.

* Commenting on the Grab-Uber deal, which Singapore's competition watchdog is reviewing, Mr Lee said the authorities want to "ensure competition in the industry", and make sure that "commuters have choices, and drivers are not locked in".

LEADERSHIP TRANSITION AT THE NTUC

* Mr Lee expressed confidence that the leadership changes at the National Trades Union Congress (NTUC) will help lead the labour movement to greater heights. Education Minister (Schools) Ng Chee Meng will be the new NTUC secretary-general, succeeding outgoing labour chief Chan Chun Sing, who will be helming the Ministry of Trade and Industry.

* Commenting on the leadership changes, Mr Lee added: "These changes are part of the leadership transition that Singapore is going through. The fourth generation political leadership is learning on the job, taking on more responsibilities, and preparing for succession.

"At the same time, a younger generation of union leaders is being groomed. They are learning from the elders, and in time will take over the reins. As younger leaders take over on both sides, they must renew the trust between the Government and the NTUC, and our commitment to the tripartite partnership. Tripartism is fundamental to Singapore’s survival and success."