SINGAPORE, Dec 31 — Prime Minister Lee Hsien Loong today said Singapore avoided recession in 2023 with 1.2% growth in gross domestic product (GDP), adding that the external environment is less favorable for the country’s security. He warned that we should expect and prosperity “for years to come.”
In what is expected to be his last New Year’s message as prime minister, Mr Li described 2023 as a “year of challenges”, with potential tensions between China and the US, war between Russia and Ukraine, and the international environment remaining “We have a problem,” he said. conflict between Israel and Hamas.
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Contributing to Singapore’s GDP growth in 2023 is the country’s ability to coexist with COVID-19.
“This is thanks to the tireless efforts of our healthcare workers and frontline workers, and everyone’s collective contribution to keeping Singapore safe,” Mr Lee said.
He noted that streets and neighborhoods are once again “buzzing with life” as tourists begin to return.
“This year we achieved 1.2% growth and avoided recession,” Lee said.
“However, although inflation is gradually coming down, households are still feeling the pressure of rising living costs. We hope that the government’s many support schemes will help ease the burden on households.”
The Ministry of Trade and Industry said last month that Singapore’s economy is expected to grow by about 1% in 2023, down from the previous forecast range of 0.5% to 1.5% due to weak external demand.
The ministry added that major global economies are expected to gradually recover in the second half of this year, with GDP growth expected to be 1-3% in 2024.
“We must expect the external environment to become unfavorable for our country’s security and prosperity in the coming years,” Lee said.
“Geopolitical uncertainty will continue to weigh on the global economy. There are also tensions and risks in our region due to rival claims in the South China Sea and the situation across the strait. “Growth” could affect confidence in our economy and, in turn, our economic situation.” “
At the same time, climate change will be a major challenge for any country, Lee said.
He pledged that the government would continue what it was trying to do this year. This includes continuing to improve the skillsets of Singapore’s workforce, providing affordable and accessible social housing, and transforming our healthcare system.
Amid such uncertainty, Mr Lee said Forward Singapore’s agenda was “ambitious” but necessary to strengthen the country’s common identity and sense of nationhood.
He said many larger societies are struggling because “difficult problems are not addressed directly and effectively, competing interest groups clash with each other, and leaders put their own interests above those of the nation.” He pointed out that the country is divided and weakened.
Singapore cannot afford to make the same mistake, he said.
Leadership transitions are “always delicate”
Mr Lee said Deputy Prime Minister Lawrence Wong will become Singapore’s prime minister next year.
Mr Lee noted that while this is not the first time Singapore has experienced a leadership change, such changes are “always delicate”.
“Singapore will be under intense scrutiny. How the new leaders will bond with Singaporeans, and whether our small country can succeed and remain an exception. “People near and far are paying attention,” he said.
He called on Singaporeans to support Mr Wong and fourth-generation leaders in building Singapore into a country that is “vibrant and inclusive, fair and competitive, resilient and united”.
“This is how we were able to overcome successive crises and do well. This is how we must overcome future challenges that are sure to come,” he said.
Concluding his speech, Mr Lee called on Singaporeans to unite to realize their aspirations and secure a bright future for the country.
“As a united people, let us face 2024 with vigor and confidence,” he said.
“The future may be uncertain, but our path is clear.” – Today