Focus on Innovation, Productivity, and Social Support as Key Strategies for the Future
In his first National Day Message, Prime Minister Lawrence Wong emphasized that despite being a developed economy, Singapore must still actively pursue growth and upgrading. He acknowledged that while rapid growth may not be as easily attainable, it remains essential through innovation, technology, and productivity improvements.
PM Wong outlined the government’s efforts to invest in major infrastructure projects like Changi Airport Terminal 5 and Tuas Port, aimed at maintaining Singapore’s competitive edge. He also highlighted how multinational companies, including Pfizer, Hyundai, and BioNTech, have expressed confidence in Singapore, underlining the country’s role as a stable base for global business.
Addressing inflation concerns, PM Wong reiterated that while Singapore cannot control global prices, efforts to keep the Singapore dollar strong have shielded the population from the worst effects of global inflation. He also reassured citizens that the government is committed to managing the cost of living, particularly for lower and middle-income groups, through various support measures.
Looking ahead, PM Wong stressed the importance of innovation and productivity in driving wage growth and improving living standards. He also addressed concerns about housing affordability, noting the government’s cooling measures and increased supply of new flats.
As Singapore faces a rapidly changing global environment, PM Wong expressed confidence that, despite the challenges, the nation’s future remains full of exciting opportunities.
