Despite these headwinds, Mr Lee said Singapore had “reasons for hope and confidence”.
“Rapid technological advances, especially in artificial intelligence and robotics, hold great promise for our companies and people,” he said.
“The Government will work closely with businesses to improve and transform their operations, and work with tripartite partners to ensure that all Singaporeans can actively pursue a career and remain employable and competitive. We will help people upskill and reskill.”
Lee added that the government will continue to support low-income households and vulnerable people “to live with purpose and dignity.”
“We will continue to build affordable and accessible public housing for Singaporeans, which is the cornerstone of our social compact,” he said.
“To care for our aging population, we are strengthening our physical infrastructure and social safety nets and transforming our health system with Healthier SG and Age Well SG. It forms part of the blueprint for a new social compact.”
Mr Lee also spoke about Forward Singapore’s challenges, which he described as “ambitious”, especially “in a time of rapid internal and external change”.
“Many larger societies have become divided because difficult problems have not been directly and effectively addressed, because competing interest groups have clashed with each other, and because leaders have put their own interests ahead of those of the nation. It has become weakened.”
“Singapore, a small red dot, cannot afford to make the same mistakes and suffer the same consequences. We must work harder than ever to unite our society and strengthen our common identity and sense of nation. I have to.”
Launched in June 2022, the Forward Singapore exercise was led by Deputy Prime Minister Lawrence Wong and other fourth generation (4G) political leaders to review and renew Singapore’s social compact.
It has been described as “the glue that binds society together, a common understanding of our roles and responsibilities towards each other, and our shared values and aspirations as a people.”