PM Lee emphasizes collective efforts to navigate current challenges
In his address at the Bloomberg New Economy Forum on November 8, 2023, Prime Minister Lee Hsien Loong stated that Singapore must now focus on doing more together to help those who are falling behind, especially in light of increased social transfers. He explained that, during periods of economic growth, the country could afford to be rigorous in helping those who were struggling. However, as the economy matures, the government must now consider how to maintain cohesion and support those who face difficulties.
PM Lee acknowledged the rising social and aging pressures, which require more government intervention, and noted that funding these efforts would require discussing taxes—mentioning the Goods and Services Tax (GST) increase to 9% in January 2024. He also touched on leadership succession, confirming that Deputy Prime Minister Lawrence Wong is set to take over, with PM Lee offering his support and experience.
Regarding global issues, PM Lee expressed concern over tensions between the US and China, acknowledging the deep divisions in both countries. He also addressed the ongoing conflicts in Israel and Gaza, urging adherence to international norms and the protection of civilians, and commented on the long-term nature of the war in Ukraine, highlighting its global significance.
