[SINGAPORE] A key priority for the newly elected government is to deal with the economic situation and its impact on Singaporeans, said Prime Minister Lawrence Wong in a video posted the week after the May 3 general election.
“The elections are over, and my team and I are busy back at work this week,” he said in the video posted on Friday (May 9) night.
He noted that businesses “are very concerned” about the economic situation, citing a Singapore Business Federation survey in which four in five Singapore businesses said that they were negatively affected by US tariffs.
Three in four expect their revenues to decrease, while half of the respondents said that they would hold back on new hiring in the next three months.
“Workers and union leaders are anxious, too,” pointed out PM Wong. “And I know graduating students are also worried about the potential difficulties in securing jobs.”
That is why the Singapore Economic Resilience Taskforce, chaired by Deputy Prime Minister Gan Kim Yong, has been “actively meeting to develop and flesh out our response plans”, he noted, adding that it will provide updates when ready. “DPM Gan is also continuing his discussions with US counterparts, exploring constructive ways to further our trade relations with America.”
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DPM Gan’s role in US trade talks had been a major talking point of the ruling People’s Action Party in the general election.
PM Wong, who is also finance minister, noted that measures from Budget 2025 are being rolled out to cushion the immediate impact on jobs and prices. These include CDC and SG60 vouchers, a corporate tax rebate and the Jobseeker Support scheme.
“The election results have made it clear that Singaporeans want a team that combines experience with fresh perspectives, to take our country forward,” he said.
That is why he is focused on “forming a renewed and strengthened team in government” to better serve the people and secure Singapore’s future in troubled times, he explained. “We have a full agenda ahead of us.”
