NDR 2023: S’pore to weather storm of economic uncertainty, global warming affecting food prices
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Singapore has weathered the Covid-19 storm, but more tests are on the horizon as the nation deals with geopolitical issues, said PM Lee.
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SINGAPORE – Having come through the Covid-19 pandemic, Singapore is being tested again with an international environment fraught with tension and economic uncertainty as well as global warming, said Prime Minister Lee Hsien Loong on Sunday.
“From China and Japan to Europe and the US, no region is spared from floods and droughts, heatwaves and wildfires. This will affect food production and prices worldwide. We have not fully felt it in Singapore yet, but it is coming,” said PM Lee.
Economically, Singapore is keeping up and is expecting positive growth in 2023, he added.
Speaking during the National Day Rally at the Institute of Technical Education College Central, PM Lee said that Singapore can be proud of how it pulled through together during the pandemic.
“Unlike many other countries, Singapore has emerged from the pandemic stronger, more resilient and more united. This is a tribute to the indomitable spirit of our nation,” he said.
However, more tests are on the horizon as the nation deals with geopolitical tension
The rivalry and deepening distrust between the United States and China affect every country, while Russia’s invasion of Ukraine is an assault on international norms and values, noted Mr Lee. “We feel acutely the pressures mounting all around us,” he said.
He noted that the war in Ukraine reinforced Singapore’s need for a strong defence.
With the war raging on, the global economic order is fraying, globalisation is weakening and supply chains are splitting up, with countries relying on protectionist measures.
This hurts all countries, but especially small, open trading nations like Singapore, said PM Lee.
With the country expecting positive economic growth this year, he said: “Hopefully, we will avoid a recession. Inflation is at last coming down, but it will probably stay higher than what we were used to.”
In his Mandarin speech earlier on Sunday, PM Lee reassured Singaporeans that the Government will continue to support them
The Government will continue to provide various subsidies almost monthly. Deputy Prime Minister and Finance Minister Lawrence Wong will also look into enhancing the Assurance Package, which provides financial support, especially to middle- and lower-income households.
In his English speech, PM Lee said: “We will weather this storm together.”
READ MORE: What are the 8 highlights of NDR 2023?
Watch PM Lee’s National Day Rally speech here:
