By Chua Lee Hoong, Political Editor

PREPARE for a difficult year ahead, Prime Minister Lee Hsien Loong said in his New Year message.

Indeed, 2009 - a Year of the Ox in the Lunar calendar - could prove the most challenging year since he entered politics 25 years ago.

The most pressing problem is the economy: How do you keep your boat afloat when others are sinking? A contraction of 2 per cent has been forecast. More jobs will be lost, more companies will go bust, and many more Singaporeans will get to know what recession tastes like before things get better.

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