Singapore refreshing strategy amid global volatility

Singapore, Aug 8 (PTI) Singapore is refreshing its economic strategy to secure its future in a world marked by greater contestation, fragmentation and volatility, Prime Minister Lawrence Wong said Friday.

Wong was speaking on the eve of 60th independence day on Saturday that is celebrated as National Day.

To stay ahead, the country must remain “exceptional” in its cohesion, resolve and performance, as well as “move faster, adapt quicker and innovate smarter”, PM Wong said in his National Day Message.

Pointing out how Singapore now stands at a “fork in the road,” Wong said, “To put it bluntly, the global order that enabled Singapore to thrive for decades is unraveling before our eyes.” The Prime Minister reiterated 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 Wong, 52, who is the fourth Prime Minister of the city state.

“We expect the global economy to remain troubled for some time. Businesses everywhere are holding back on expansion and new investments,” he said.

Amid global market disruption and the rapid pace of change, not everyone will find the transition easy, Wong -- also Finance Minister -- said and 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,” he added in his message that is traditionally broadcast every year on the eve of the National Day.

Earlier this week, the government announced a fresh review of the country’s economic strategy. Five committees 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.

PM Wong also invoked the “Singapore spirit”, which, he said, represents a deep sense of solidarity and shared purpose.

The prime minister noted that Singapore has gone from a third-world country 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, he underlined. PTI GS NPK NPK