Singapore PM Calls For Overhaul of Economic Strategy Amid Global Uncertainty

Singapore is overhauling its economic strategy to prepare for an increasingly contested, fragmented and volatile world, Prime Minister Lawrence Wong said on Friday in his National Day Message, delivered on the eve of the city-state’s 60th Independence Day.

According to PTI, Wong, who became Singapore’s fourth Prime Minister earlier this year, warned that the global order which enabled the country’s decades-long success is “unravelling before our eyes” and that the road ahead remains highly uncertain. “We expect the global economy to remain troubled for some time. Businesses everywhere are holding back on expansion and new investments,” he said.

To navigate these challenges, Wong said Singapore must remain “exceptional” in its cohesion, resolve and performance, and be able to “move faster, adapt quicker and innovate smarter.” He pledged that the government “will walk this journey” with citizens, expanding opportunities for learning, upgrading skills, strengthening social safety nets, and helping those facing setbacks to recover and press on.

The prime minister highlighted Forward Singapore, an initiative aimed at renewing the country’s social compact, as central to giving every Singaporean the support and confidence to face future challenges. Earlier this week, the government announced a review of its economic strategy, forming five committees to design longer-term policies to sharpen global competitiveness and leverage new technologies.

Invoking the “Singapore spirit” of solidarity and shared purpose, Wong reflected on the nation’s journey from a third-world to a first-world country in 60 years, achieved “not through luck, but through sheer determination, resilience and unity.” He urged Singaporeans to draw strength from the past and move forward with confidence, as reported by PTI.