Earlier this week, the government announced a fresh review of the country’s economic strategy.
Five committees, which report to the Singapore Economic Resilience Taskforce headed by Deputy Prime Minister Gan Kim Yong, have been formed to develop longer-term strategies in areas such as sharpening the country’s global competitiveness and ability to tap on new technologies.
The committees are expected to publish a report outlining their recommendations by mid-2026.
FORK IN THE ROAD
In his message which was recorded at the Padang, Mr Wong spoke about how Singapore now stands at a “fork in the road”.
“To put it bluntly, the global order that enabled Singapore to thrive for decades is unraveling before our eyes,” said the prime minister, reiterating that the country must now navigate a more contested, fragmented and volatile world.
Thus far, Singapore’s economy remains resilient but the outlook ahead continues to be “highly uncertain”, said Mr Wong.
“We expect the global economy to remain troubled for some time. Businesses everywhere are holding back on expansion and new investments,” he said.
Apart from tackling immediate headwinds, Singapore will also have to look ahead by anticipating what is on the horizon and preparing to ride the next wave of change, he added.
Mr Wong noted that other countries armed with more resources and larger populations “are not standing still”.
The bigger powers are also “now more willing to use every tool at their disposal – economic, technological and geopolitical – to tilt the playing field in their favour”, making it harder for small states like Singapore to hold its own.
“Difficult times lie ahead but we are not going to throw up our hands in despair. We will overcome our new challenges,” said the prime minister.
He added that Singaporeans have made a “considered and clear choice” in the recent General Election.
Said Mr Wong: “You chose the team you believe can best steer Singapore through this turbulence. Your wisdom and trust give my government the political assurance to act boldly, and the confidence to lead with conviction, and that is exactly what we are doing.”
The People’s Action Party (PAP) had won 87 out of 97 seats – or almost 90 per cent of the seats – in the May 3 polls, staving off challenges from the opposition without conceding any new ground to its rivals.
The polls marked Prime Minister Lawrence Wong’s first electoral test leading the ruling party. In leading the PAP to an increased vote share, Mr Wong bucked a trend: Previous elections in 1991 and 2006 saw dips in the PAP’s vote share after a new prime minister took office.