In his inaugural New Year message as Prime Minister on December 31, 2024, Lawrence Wong announced that Singapore's economy expanded by 4% in 2024, surpassing forecasts. He highlighted that, unlike many developed nations, Singapore has avoided issues like unemployment and stagnant wages, with median incomes rising by 2.2% per annum above inflation over the past decade.
PM Wong attributed this economic success to the collective effort of "Team Singapore," emphasising the nation's unity in overcoming crises, supporting one another, and striving for global excellence. He urged citizens to carry this spirit into 2025 and beyond, indicating that the upcoming 2025 budget, scheduled for delivery in Parliament on February 18, will outline the next steps of the Forward Singapore initiative.
Through Forward Singapore, the government aims to revise policies, reset mindsets, and refresh the Singapore dream. The goal is to build a fairer and more inclusive society, ensuring opportunities for success regardless of starting points, and providing every individual with dignity, security, and hope for a brighter future.
Acknowledging the turbulent global landscape marked by geopolitical tensions, extreme weather events, and inflation, PM Wong noted that Singapore has distinguished itself as a beacon of safety, security, and stability. He commended students, businesses, and workers for their adaptability and innovation in an ever-changing environment.
Looking ahead, PM Wong pledged to enhance economic competitiveness to create exciting opportunities and good jobs for Singaporeans. He also addressed concerns about the rising cost of living, promising targeted assistance for those struggling to cope, particularly older individuals and lower-income groups. The middle-income and middle-aged demographics, often balancing care for both elderly parents and young children, will also receive attention.
Significant steps have been taken towards these goals, including updated housing policies to make housing board flats more affordable, We have also seen the introduction of the Majulah Package to enhance retirement adequacy for those in their 50s and early 60s, and new programs like Healthier SG and Age Well SG to provide better support for seniors. Additionally, reforms in education and substantial investments in SkillsFuture aim to help every Singaporean, including older workers, reach their full potential.
PM Wong admitted that the government has not always been perfect but has remained transparent with citizens, learning from setbacks and striving for continuous improvement. He emphasised that solidarity and unity have been key to consistently overcoming obstacles.
At the core of this solidarity lies Singapore's tripartite partnership, with the government, employers, and unions collaborating to resolve issues and devise solutions benefiting all Singaporeans. This partnership focuses on advancing shared goals and prioritising the collective good over individual interests, forming the foundation of the nation's resilience and strength.
The PM cited the aviation sector as an example of this collaboration. During the Covid-19 pandemic, air travel was severely impacted, putting many jobs at risk. The government provided financial support to sustain critical capabilities and upgrade facilities, while companies like Changi Airport Group and Singapore Airlines worked with unions to retain workers and upgrade their skills. This collective effort enabled the aviation sector to rebound strongly as global travel resumed.
In conclusion, PM Wong underscored the importance of unity, adaptability, and continuous improvement as Singapore navigates global challenges and strives for a fairer, more inclusive society. While there are certainly challenges ahead, such as increased tariffs from the US, Singapore is leading the way, but which countries will follow?
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