Senior Minister Lee Hsien Loong has cautioned that sustaining Singapore’s economic growth will become increasingly difficult as the global order weakens. Addressing shifts in international relations, he noted that the era of rapid globalization is being replaced by geopolitical tensions and rising protectionism. As a small nation heavily dependent on trade, Singapore must adapt to these challenges by enhancing its competitiveness and maintaining social cohesion. SM Lee emphasized that while external conditions are less favorable, strategic innovation and international relevance remain key to the country’s long-term prosperity.
- Senior Minister Lee Hsien Loong highlighted that a fraying global order and geopolitical rivalries are complicating Singapore’s growth prospects.
- The rise of protectionism among major economies is disrupting the traditional rules-based international trading system.
- Ongoing conflicts, such as those in Ukraine and the Middle East, contribute to global instability and supply chain risks.
- Singapore must continue to attract investments and talent by remaining a reliable and innovative global hub.
- The Minister stressed the necessity of domestic stability and strong leadership to navigate an increasingly fragmented world.
Based in Singapore, CNA (Channel News Asia) covers global developments with an Asian perspective, with correspondents based in major cities across Asia, including Kuala Lumpur, Jakarta, Bangkok, Tokyo, Seoul and Beijing, as well as in New York, Washington D.C. and London.
Official website: https://www.channelnewsasia.com/
Original video here.
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I am sure the best paid leaders can do it.
The government talk clean but do dirty work under the table
The government still dare to put more than 1000 plastic bottle collection machines all over singapore, running all around the clock to waste away electric power
who cares about growth when its jobless growth anyways.
No growth?….well looks like we have to tax the rich more.
Reject warmongers from the other side of the planet!
Work with fellow Asian nations who are the only ones who want peace and growth in Asia!
Know what people fear most? Govt officials implementing difficult but wrong policies that require complex execution, yet ultimately produce disastrous outcomes or fail to solve the underlying problems.
Hah GROWTH ?
SG has BECOME WAY WAY TOO EXPENSIVE
Stop Making EXCUSES
MOST EXPENSIVE PM on The Planet making DUMB EXCUSES ?
FROM UR ERA OF CONTROL ONWARDS U RUINED EVERYTHING……….. NOW WE NEED TO BACK TRACK WHERE IT WENT WRONG………….
1. NO MORE 3RD WORLD COUNTRY PEOPLE COMING IN HERE, I DONT WANT THEM HERE……. BRINGING THEIR 3RD WORLD CULTURE INTO OUR CULTURE MESSING IT UP, I DO NOT WANT THAT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
2. PEOPLE WHO COMING IN HERE, USE OUR RETRIBUTION AND ALSO TARNISH OUR REPUTATION AT THE SAME TIME……….. I DONT LIKE THAT…………………
3. THINGS THAT SHOULD BE CHEAP AND NOT CRAZY AND UNREASONABLE EXPENSIVE, THEY INCREASED SO HIGH, PLEASE MONITORED IT, IT IS AFFECTING US AS WELL……………….. UNREASONABLE……………. U WANT SINGAPORE DECANT TO CONTINUE LOWER UR PRICE……………. NOW IS SO DIFFERENT FRIOM THE PAST, I WANA KEEP IT THE SAME……………… I DONT WANT THOSE 3RD WORLD COUNTRY COME HERE OPEN STALL AND THEN THEY ARE THE ONES CHARGING US SO HIGH, I DONT WANT THEM TO DO BUSINESS HERE…………….!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
This seems to be a preemptive narrative blaming global challenges for future hardships, conveniently overlooked while top officials maintain their exceptionally high salaries.
It's my opinion that PAP is only about spending and revenue collection and tax, no breakthrough e.g. Swiss standard of living?, world cup football? X-border payment? autonomous vehicle? 0 corruption? nothing even with FTs and CECA. So I am NOT expecting anything much from these very expensive PAP other than fixing works.
Say Like No Say 1:
Mr Lee KY said that we’ve grown in the last five years by just importing labour. Now the people feel uncomfortable, there are too many foreigners. Trains are overcrowded with foreigners. Buses, too. Property Prices have gone up because foreigners with PR visas are buying into the market. [Ref: 15 March 2010]
LKY Speech was in the Year 2010.
Say Like No Say 2:
"What will make you need to raise GST? Profligate spending and irresponsible, unsustainable plans. That is what will hurt and require you to raise taxes and GST." – PM Lee in GE2015
And then;
"Irresponsible not to raise GST as spending needs rise sharply: PM Lee Aug 21, 2022
Trust??
To sustain growth as the global order weakens, Singapore is implementing a multi-pronged strategy focused on trade diversification, technological leadership, and regional integration. The government has launched the Singapore Economic Resilience Taskforce (SERT) and a comprehensive Economic Strategy Review (ESR) to refresh its economic blueprint.
1. Strengthening Global & Regional ConnectivityTrade Diversification: Expanding beyond traditional partners by signing bilateral and regional free trade agreements (27 currently in place) to buffer against global volatility.
* ASEAN Integration: Deepening ties with neighbours through initiatives like the Johor-Singapore Special Economic Zone (JS-SEZ) and the ASEAN power grid to secure resources like clean energy.
* Infrastructure Investment: Enhancing its role as a global node by developing Tuas Mega Port and Changi Airport Terminal 5 to capture reconfigured supply chain flows.
2. Capturing New Growth Engines
* AI Leadership: Aiming to triple the number of AI experts by 2025 through the National AI Strategy 2.0 and pushing AI adoption across sectors to drive productivity.
* Emerging Frontiers: Investing in high-growth areas like quantum computing, decarbonisation, space technology, and precision medicine.
** Green Economy: Positioning as a regional hub for green finance and carbon services to meet net-zero goals by 2050.
3. Enhancing Human Capital & Domestic Resilience
* Lifelong Learning: Making SkillsFuture a practical reality by blending training with work to keep the workforce agile as technology reshapes jobs.
* Inclusive Growth: Broadening the range of "good jobs" in resilient sectors like skilled trades and care services to ensure shared progress despite global shifts.
* Social Harmony: Managing immigration and foreign labour inflows carefully to promote cohesion while addressing the challenges of an ageing population.
4. Supporting Business Innovation
* Nurturing Start-ups: Moving beyond attracting MNCs to support a "new generation" of local emerging champions and start-ups to scale globally.
* Research & Development: Doubling down on R&D initiatives, such as the $500 million allocation for a new national semiconductor fabrication facility.
* Restructuring Support: Helping firms navigate transitions and offshore lower-value parts of operations to remain globally competitive.
Yet still proposing to increase ministers' pay this year??
Harder because PAP keep stealing our lunches