Skip to main content

Advertisement

Advertisement

Singapore's economy to grow 2.5 - 3.5% this year: PM Lee Hsien Loong

SINGAPORE — The Republic’s economic growth forecast for this year is between 2.5 and 3.5 per cent, higher than previously expected, said Prime Minister Lee Hsien Loong today (Aug 8) in his National Day Message.

SINGAPORE — The Republic’s economic growth forecast for this year is between 2.5 and 3.5 per cent, higher than previously expected, said Prime Minister Lee Hsien Loong today (Aug 8) in his National Day Message. The previous official forecast placed growth at between 1 and 3 per cent. In the first half of this year, Singapore’s economy grew by 2 per cent. “Our economy is holding steady amidst global uncertainties. We are attracting more quality investments. Unemployment remains low,” said Mr Lee. “Even as we tighten up on foreign workers and immigration, we must maintain investor confidence and keep Singapore open for business.” He noted that the world is “changing rapidly and unpredictably” and Singapore too, is changing. With a maturing economy and ageing population as well as more diverse and even conflicting interests in society, Mr Lee said that the “road ahead will be different from the road we have travelled”. “So we must reassess our position, review our direction, and refresh our strategies to thrive in this new world,” he said. The Our Singapore Conversation, launched to defined citizens’ shared future together, “has helped us crystallise what we aspire to,” continued Mr Lee. “We will set goals and work out plans to realise these aspirations.” The Republic, in the years ahead, will be one that gives its citizens opportunities to succeed and live fulfilling lives, he said, it will be a nation which defines success in many ways and offers multiple paths to many peaks. Singapore will also be a “society with safety nets that give people peace of mind. A community where the disadvantaged get help, and those who have done well in turn do more to help others”, said Mr Lee, outlining aspirations gleaned from the Our Singapore Conversation. As other countries progress, Singapore must stay ahead of the competition and “maintain our standing in the world”, he added. “To succeed under changed circumstances, we must adapt our basic approach to nation building. We must strike a new balance between the roles of the individual, the community and the State.” He called for a strengthened sense of community and greater mutual support for one another. “We already do this, especially during crises,” he said, citing how the community came together when “dengue and the haze threatened us”. On its part, the Government will “play a bigger role to build a fair and just society”, said Mr Lee. He pledged: “We will do more to enable every Singaporean to succeed, through education and lifelong learning. We will keep avenues to rise wide open to all. We will help those from families with less get off to a good start in life, beginning from pre-school. “We will tackle the cost of living, for example healthcare costs, especially for the elderly. We will foster a more equal society, by helping every family afford their own HDB flat, and giving low income workers a better deal through Workfare.” The Prime Minister reiterated that everyone will always have a stake in Singapore and ample chances to make good in life, but he also urged citizens to do their best, be self-reliant and resourceful. “Singapore can only succeed if each one of us contributes his part,” he said. Said Mr Lee: “We have come a long way, but our best years are ahead of us. We have the power to shape our destiny and write a new chapter in the Singapore story. Let us stand together, and dedicate ourselves to building in Singapore a brighter future for all.”

Read more of the latest in

Advertisement

Advertisement

Stay in the know. Anytime. Anywhere.

Subscribe to get daily news updates, insights and must reads delivered straight to your inbox.

By clicking subscribe, I agree for my personal data to be used to send me TODAY newsletters, promotional offers and for research and analysis.