Prime Minister Wong emphasizes unity, economic competitiveness, and targeted support as key to Singapore’s resilience and growth.
SINGAPORE – Singapore’s economy expanded by 4% in 2024, surpassing earlier forecasts of 3.5%, announced Prime Minister Lawrence Wong in his New Year message. The robust economic performance is expected to contribute to further real income growth for Singaporeans, he said.
Highlighting that most workers in Singapore have seen wage increases outpacing inflation, PM Wong stated: “Unlike many developed nations, we are not burdened by unemployment or stagnant wages. Over the past decade, median income has risen by 2.2% annually, adjusted for inflation.”
Despite moderating global inflation, PM Wong acknowledged that prices have not returned to pre-pandemic levels, and cost-of-living pressures persist globally. He assured Singaporeans that the government will continue to implement measures to cushion these impacts, with further details to be unveiled in the 2025 Budget on February 18.
Adapting Amid Challenges
PM Wong acknowledged the challenges faced by Singapore in 2024, from dealing with imported inflation to navigating a weak global economy. He credited the nation’s resilience and unity for overcoming these obstacles, emphasizing the importance of tripartite collaboration between the government, employers, and unions.
One key success story is the recovery of the aviation sector. During the pandemic, government support and workforce reskilling initiatives helped the sector rebuild. Today, Changi Airport is thriving, with passenger traffic nearing pre-pandemic levels and plans underway to begin construction of Terminal 5 in 2025.
Targeted Support for All Segments
The prime minister reiterated his commitment to providing more targeted assistance to vulnerable groups, including older Singaporeans and lower-income households. He also assured support for middle-income families balancing the demands of caring for elderly parents and young children.
“We will not neglect any segment of society,” he said. “Every citizen has a role and place in our society. No one will be left behind because we are all in this together.”
Building a Fairer Society
PM Wong highlighted several initiatives aimed at fostering inclusivity and equity. Housing policies have been updated to make public housing more affordable, while programs like Healthier SG and Age Well SG provide better support for seniors. Additionally, education reforms and significant investments in SkillsFuture aim to help all Singaporeans, including mature workers, reach their full potential.
As Singapore approaches its 60th year of independence in 2025, PM Wong called for reflection on shared values and a renewed focus on shaping the nation’s future. He concluded, “This milestone is an opportunity to envision how we can shape our future together.”
