But do not forget about stimulating demand as well to keep the economy chugging along, reminded five MPs on Tuesday.

Their suggestions range from a cut in the goods and services tax (GST) to giving out 'consumption coupons' for Singaporeans to spend at retail outlets.

As MP Jessica Tan (East Coast GRC) put it: 'Keeping jobs is important but not sufficient if demand is also not forthcoming. We must also... find ways to drive new markets and increase confidence and spending.'

Added Madam Ho Geok Choo (West Coast GRC): 'As a government, we should also use other ways such as priming consumption to stimulate demand and bolster the economy.'

Starting the ball rolling was MP Inderjit Singh (Ang Mo Kio GRC), who asked for a temporary GST cut to 5 per cent. This, he argued, appears to be 'the most effective way to stimulate local demand'.

Mr Singh, the government parliamentary committee chairman for finance as well as trade and industry, cited a Straits Times article by economics professor Basant Kapur, who calculated that the 2007 GST hike to 7 per cent raised the Consumer Price Index by 1.5 per cent - resulting in a $6.6 billion capital spending loss.

Compared to this, the additional GST credits of $580 million announced in the Budget 'appear small', said Mr Singh.

'The GST increase has produced a negative effect on spending and if a cut can produce even a modest stimulus to consumption, it should be considered,' he argued, adding that it would also stimulate tourist spending.

Another way to get people spending is for the Government to distribute what Mr Ang Mong Seng (Hong Kah GRC) calls 'consumption coupons'.

He suggested giving everyone about $300 worth of coupons to be spent in six months.

'Apart from tobacco and alcohol, people can use them in department stores, neighbourhood shops, hawker centres and restaurants. I think this will help our retail shops' business,' he said.