SINGAPORE: Singapore’s economy grew by 4 per cent in 2024, which exceeded expectations, said Prime Minister Lawrence Wong in his New Year message on Tuesday (Dec 31).
Most workers in Singapore have also received wage increases that outpace inflation, “making them better off in real terms”, he added.
“Unlike in many developed countries, we are not plagued by unemployment and stagnant wages,” he said.
In the past decade, median income in Singapore rose by 2.2 per cent per annum above inflation, said Mr Wong.
With the strong economy, real incomes are expected to rise further, he added.
The government will not neglect middle-income and middle-aged Singaporeans, who are caring for both elderly parents and young children, even as it provides more targeted help to those who find it more difficult to cope with the rising cost of living, said the prime minister.
The government will continue to cushion the impact of cost-of-living increases and provide more targeted help to older people and lower-income groups, he added.
Mr Wong urged Singaporeans to carry the “Team Singapore spirit” into 2025, recalling the Forward Singapore exercise.
Through the exercise, Singapore will revise its policies, reset attitudes and mindsets, as well as refresh the Singapore Dream, he said, adding that he will set out the next steps of the exercise at Budget 2025.
“We will build a fairer and more inclusive society, where everyone is assured of opportunities to succeed, regardless of their starting points in life, where every one of us can realise our dreams, and live with dignity, security and hope for a brighter future,” he said.
Mr Wong noted that 2025 marks the 60th anniversary of Singapore’s independence, and he said that the milestone is a time for reflection on the country’s shared values.
“Our journey ahead will not be short of challenges. But we have never allowed ourselves to be browbeaten or discouraged,” he said, noting that younger Singaporeans showed resilience and fighting spirit during the COVID-19 pandemic.
2024 was an eventful and turbulent year, with rising geopolitical tensions, he added. While global inflation has moderated, price levels have not fallen, and cost-of-living pressures continue to weigh on families and communities.
“People feel a deep sense of angst and anxiety about the future. There is a growing malaise,” he said, adding that societies have become increasingly divided.
While Singapore is not immune to these global pressures, it has distinguished itself as “a beacon of safety, security and stability” in a troubled world, said Mr Wong.
Continue reading...
Most workers in Singapore have also received wage increases that outpace inflation, “making them better off in real terms”, he added.
“Unlike in many developed countries, we are not plagued by unemployment and stagnant wages,” he said.
In the past decade, median income in Singapore rose by 2.2 per cent per annum above inflation, said Mr Wong.
With the strong economy, real incomes are expected to rise further, he added.
The government will not neglect middle-income and middle-aged Singaporeans, who are caring for both elderly parents and young children, even as it provides more targeted help to those who find it more difficult to cope with the rising cost of living, said the prime minister.
The government will continue to cushion the impact of cost-of-living increases and provide more targeted help to older people and lower-income groups, he added.
Related:
Mr Wong urged Singaporeans to carry the “Team Singapore spirit” into 2025, recalling the Forward Singapore exercise.
Through the exercise, Singapore will revise its policies, reset attitudes and mindsets, as well as refresh the Singapore Dream, he said, adding that he will set out the next steps of the exercise at Budget 2025.
“We will build a fairer and more inclusive society, where everyone is assured of opportunities to succeed, regardless of their starting points in life, where every one of us can realise our dreams, and live with dignity, security and hope for a brighter future,” he said.
Mr Wong noted that 2025 marks the 60th anniversary of Singapore’s independence, and he said that the milestone is a time for reflection on the country’s shared values.
“Our journey ahead will not be short of challenges. But we have never allowed ourselves to be browbeaten or discouraged,” he said, noting that younger Singaporeans showed resilience and fighting spirit during the COVID-19 pandemic.
2024 was an eventful and turbulent year, with rising geopolitical tensions, he added. While global inflation has moderated, price levels have not fallen, and cost-of-living pressures continue to weigh on families and communities.
“People feel a deep sense of angst and anxiety about the future. There is a growing malaise,” he said, adding that societies have become increasingly divided.
While Singapore is not immune to these global pressures, it has distinguished itself as “a beacon of safety, security and stability” in a troubled world, said Mr Wong.
Continue reading...