Singapore refreshing economic strategy to secure future in 'very different world': PM Wong in National Day Message

CNA

2 days ago

SINGAPORE: Singapore is refreshing its economic strategy to secure its future in a 'very different world' marked by greater contestation, fragmentation and volatility, said Prime Minister Lawrence Wong on Friday (Aug 8).
To stay ahead, the country must remain "exceptional" in its cohesion, resolve and performance, as well as 'move faster, adapt quicker and innovate smarter', he said in his National Day Message that is broadcast every year on the eve of the nation's birthday.
This means embracing new technologies such as artificial intelligence and robotics, while applying them meaningfully across its economy.
'We must enable our people, workers and businesses to make full use of these tools, and sharpen our competitive edge,' said Mr Wong, who is also Finance Minister.
Amid disruption and the rapid pace of change, not everyone will find the transition easy, he added.
To this, Mr Wong pledged that the government 'will walk this journey' with Singaporeans as it has done for the past six decades.
'We will expand opportunities for learning and skills upgrading, strengthen social safety nets, and help every Singaporean who faces setbacks to bounce back and press on,' he said.
'That is why I launched Forward Singapore – to refresh our social compact and give every Singaporean the support and confidence to travel the road ahead.'
The government has also introduced new policies, like the SkillsFuture Jobseeker Support Scheme, to help those who lose their jobs get back on their feet.
'We will do more to uplift lower-income workers and families, and create more pathways for every Singaporean to succeed, regardless of their starting point in life,' said Mr Wong.
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.
THE SINGAPORE SPIRIT
Recalling Singapore's independence in 1965 – one that was forced by circumstances and required the country to summon its resolve and will to survive, Mr Wong said: 'At many points, history could have easily taken a darker turn. Yet against all odds, we made it.
'This is what makes SG60 so significant – not just that we endured, but that we prevailed and prospered when few believed we would even survive.'
Through challenges ranging from racial strife to the pullout of British forces, economic crises to global pandemics, Singapore and Singaporeans 'picked ourselves up, learnt from our setbacks, and found the strength and will to carry on'.
At the heart lies the 'Singapore spirit', which represents a deep sense of solidarity and shared purpose, he said.
'As a small nation, we cannot afford to be divided. Our unity has always been our source of strength. When we stand together, there is nothing we cannot overcome,' said Mr Wong.
The prime minister noted that Singapore has gone from a third-world to a first-world nation in 60 years 'not through luck, but through sheer determination, resilience and unity'.
As the country stands on the threshold of a new chapter, it must draw strength from its past and press forward with confidence.
'Together, we will secure a brighter future for ourselves, our children, and generations to come,' he said.