Prime Minister Lee Hsien Loong on Sunday voiced confidence that with the help of the government and the people, Singapore will pull through the global economic downturn, which has made it impossible for Singapore to enjoy an economic growth as well as the last few years, the Channel News Asia reported.

Speaking at the ruling People's Action Party's annual conference, Lee warned that the economic recession in the country may last a year but beyond that, there may be several years of slow growth before things get back on track.

To help cushion the slowing economy, Singapore' s budget statement 2009, usually delivered by the Finance Minister in February, will be brought forward to January next year, Lee said.

Lee said that his government intends to announce plans to stimulate the economy, support jobs and strengthen competitiveness.

The government, he continued, is working out the best combination of measures for the coming budget with the aim of not just helping Singaporeans with the present downturn but also to build up strength for the future.

The details of a program for upgrading and resilience for workers are expected next week, he said, adding that even for those who are still in jobs, the government will train and upgrade them for not being retrenched.

The premier also said that his government would enhance its financing schemes to help small and medium-sized enterprises (SMEs) get access to credit because banks are tighter with loans in the current climate.

Singapore's Manpower Ministry will also release the guidelines on how to manage excess manpower in light of expected increase in retrenchment in the country.

The guidelines, to be released soon, will include what's called responsible retrenchment, where employers work with trade unions to explain the situation to workers before serving the termination letter.

(Xinhua News Agency November 17, 2008)