In his inaugural National Day message as Prime Minister, Lawrence Wong, who assumed office on May 15, 2024, addressed key concerns important to Singap
In his inaugural National Day message as Prime Minister, Lawrence Wong, who assumed office on May 15, 2024, addressed key concerns important to Singaporeans. He emphasized the importance of creating more opportunities, strengthening social support, and helping citizens navigate the challenges posed by the turbulent global economy.
“We cannot control global prices. But we can, and we have, shielded Singaporeans from the worst effects of global inflation by keeping the Singapore Dollar strong,” Wong stated.
Ensuring Cost Stability
Released on August 8, 2024, Wong’s National Day address took place at Sri Temasek on the Istana grounds. He highlighted the government’s commitment to “redouble” efforts in stabilizing the cost of living, acknowledging widespread concerns regarding inflation and its impact on daily expenses.
While the government may not control global prices, Wong reiterated that a strong currency can mitigate the effects of global inflation. “Based on the higher economic growth this year, we can also expect wages to rise,” he noted. He assured Singaporeans that measures like Community Development Council (CDC) vouchers, cash payouts, and utility rebates will cushion inflation’s impact, particularly for lower and middle-income families.
In addressing housing affordability, Wong cited government actions to stabilize the property market, including new measures and increasing the supply of Housing & Development Board (HDB) flats. “In October, HDB will launch the first batch of flats under the new Standard, Plus, and Prime framework,” he announced.
Creating New Opportunities
Wong also discussed opening more doors for Singaporeans as the nation transitions to a developed economy. “We must still pursue economic growth through innovation and productivity,” he emphasized. Investments in research and development, robotics, and infrastructure projects like Changi Airport Terminal 5 and Tuas Port are expected to bolster Singapore’s status as a global logistics hub.
He mentioned that many multinational companies, including Pfizer and BioNTech, are establishing facilities in Singapore, which will lead to new job opportunities. “All these investments will propel our economy forward and create new jobs for Singaporeans, though they will require new capabilities,” Wong explained.
He reiterated the importance of continuous education and skill acquisition, collaborating with the National Trades Union Congress (NTUC) and employers to prepare the workforce for future demands.
Strengthening Social Support
Wong acknowledged the challenges some Singaporeans face amid rapid changes. “Those who do well for themselves should pay it forward, and give others a hand,” he urged, stressing the importance of cohesion and resilience within society.
With an ageing population necessitating more healthcare and social services, Wong noted increased government investment in social infrastructure. He pointed to recent Budgets aimed at uplifting lower-wage workers and supporting vulnerable families. Nationwide initiatives like Healthier SG and Age Well SG are designed to enhance care for seniors.
Looking ahead, Wong mentioned that the Forward Singapore initiative aims to further strengthen social support for families facing employment challenges, with more details to be revealed during the National Day Rally.
The Path Forward
As he concluded his message, Wong reflected on Singapore’s journey, from its past as a third-world nation to its current status as a global leader. “We may be a young nation, but we have overcome much together,” he stated. He acknowledged the formidable challenges that lie ahead, emphasizing the importance of unity.
“My fellow Singaporeans, we are in this together. We are in this for each other. Let us take Singapore forward – together as one united people.”
COMMENTS