Introduction
1. The last time I spoke at the Pre-University Seminar was five years ago in 2004. The theme then was “Thriving in Challenging Times”. Singapore had been through a rough patch after 9/11 and SARs, and the theme was topical. But I did not want the participants of that Pre-U Seminar to only focus on our immediate difficulties. Instead, I wanted them to look into their future, to a Singapore that was transforming before their very eyes. I wanted them to see themselves as leaders in the making, who would one day decide on the next phase for Singapore and be responsible for the well-being of Singaporeans. As it turned out, good times returned after the 2004 Pre-U Seminar. The economy rebounded with growth ranging from 7.3% to 9.3% between 2004 and 2007, compared to only 3.8% in 2003. I’m glad that I focused on the longer term issues for participants of that Pre-U Seminar. It is now five years on and the memory of that recession has diminished or forgotten altogether. But I hope what they experienced and learnt during that Pre-U seminar stays with them.
2. Here we are again in the midst of another crisis - a severe global economic crisis on a scale unprecedented since the Great Depression of the 1930s. The theme for this year’s seminar, “From Crisis to Confidence – Lessons and Opportunities”, is therefore apt.
3. By now, some of you would have concluded that perhaps it may be the norm for every generation to face a series of crises in their lifetimes – after all, we do not live in Utopia. If we take those who lived a full generation before you – those in their 60s today - certainly had their ups and downs. Born in the 1940s, they would have been cradled in their parents’ arms when the bombs fell on Singapore in December 1941. Many did not attend school because of the Japanese Occupation and the recovery phase after the War. In the short span of 25 years, they would have gone through war in 1942-45, political struggle against the communists in the 1950s, self-government in 1959, merger with Malaya in 1963, race riots in 1
1964, then separation from Malaya and independence in 1965. All these experiences would have left a lasting impression and shape the prism through which they viewed their world henceforth. Even after independence, they were not spared further shocks. The Oil embargo in October 1973, pushed prices of oil up by 4 fold within a year. When interest rates were cut simultaneously, the resultant stagflation hit economies worldwide severely.
4. In 1985, another severe recession hit. One senior Cabinet colleague of that generation recounted how he had just graduated and the job market was tough. He sent out about 100 applications hoping to find a job. This would not be tedious now, but his was the time before the Word processor and copy machines. Old-fashioned mechanical type writers were used and copies were made using thin carbon separators slipped in between sheets of papers. There was a limit to the number of copies that could be typed simultaneously – around three or at most four. Keys got stuck, and mistakes had to be ‘blancoed’ on each copy.
5. In the 90’s a momentous change took place in their lives - you were born! In the last two decades, the same events would have impacted you and the older generation. But the way you respond can be quite different. Having heard what they have gone through – war, riots, recessions - you can appreciate why their perceptions and reactions may be different from yours. We are all moulded by our past; we are products of processes that harden and hardwire our beliefs and prejudices. All these will shape our responses to life’s challenges. Forty years hence, you are likely to view events differently compared to your children........ Click the Title for more
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