As Singapore marks its bicentennial year this year, Finance Minister Heng Swee Keat urged Singaporeans to reflect on the "twists and turns" in the island's history to chart a path forward for an even better future, and to respond to challenges with grit and determination.
He said the country is today facing four major shifts: The pivot in global economic weight towards Asia; rapid technological advancements; changing demographic patterns; and the decline in support for globalisation, with some countries questioning its value.
On the global stage, trade frictions between the United States and China have developed into a strategic competition of strength and of governance systems, and this has raised geopolitical uncertainty.
Closer to home, he noted that the 10 Asean economies collectively are projected to become the fourth largest in the world by 2030. However, bilateral issues have surfaced with Malaysia.
He said these need to be resolved based on mutual respect and common interests as well as international laws and norms. He added that Singaporeans must remain united.
On the domestic front, Mr Heng said longer-term challenges need to be addressed, including ageing, social mobility, inequality, economic transformation and climate change.
Mr Heng said the Budget's strategic plan centres on building a strong, united Singapore for the country to continue to progress. It will draw on the country's strengths and the Singaporean DNA - of openness, multiculturalism and self-determination - forged from its roots as an open port.
The Government also picked up on three lessons from the country's history. The first is that as long as the Republic stays relevant and useful, Singapore and Singaporeans will have a place in the world. The country, he said, must develop deep capabilities, stay open and connected, and draw ideas and talents from around the globe.
"Singaporean talents have been making their mark in various fields, and connecting with other highly skilled individuals from around the world will make our team even stronger," he added.
Mr Heng also noted that external events around Singapore will also shape and reshape lives here. "Our people have shown time and again that we can take the long view, adapt with the times and thrive," he said.
The third lesson learnt is that Singapore draws its strength from its diversity, "by focusing on what we have in common". He noted that while the country's forefathers clustered around ethnic and religious groups to support one another, this support today is regardless of race, language or religion.
He said that as a city-state, Singapore is nimbler and can adapt to changes faster. It can also take advantage of its strategic location and "serve as a neutral, trusted node in key spheres of global activity".
Mr Heng added: "We strive to be a place where people and ideas congregate, at the frontier of global developments. We want to be a Global-Asia node of technology, innovation and enterprise."
Mr Heng called on all Singaporeans to partner with the Government and support one another to succeed in this endeavour. "We are using our financial resources to help realise our strategies for a strong, united Singapore. But financial resources alone do not get us there," he said.
