Lee Hsien Loong

Prime Minister Lee Hsien Loong said Singaporeans must be prepared for more economic challenges, as there may be a recession coming within the next two ...

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SINGAPORE — The outlook for Singapore's post-pandemic recovery has clouded and the risks have grown considerably, particularly due to the impact of Russia's ...

"Singapore is tightly integrated into the global economy (and) given our small size, we will always be a price taker in world markets, so we cannot avoid these global headwinds." "That means we in Singapore have become collectively S$8 billion poorer off per year, and there is no escape from this." Steps have also been taken to secure food and energy supplies, just in case supplies are disrupted by the ongoing war. Global food prices have also risen, with Ukraine being one of the world's largest exporters of cereal crops and vegetable oils. SINGAPORE — The outlook for Singapore's post-pandemic recovery has clouded and the risks have grown considerably, particularly due to the impact of Russia's invasion of Ukraine, Prime Minister Lee Hsien Loong said on Sunday (May 1), warning that there may be a recession within the next two years. SINGAPORE — The outlook for Singapore's post-pandemic recovery has clouded and the risks have grown considerably, particularly due to the impact of Russia's invasion of Ukraine, Prime Minister Lee Hsien Loong said on Sunday (May 1), warning that there may be a recession within the next two years.

SINGAPORE: Tripartism must always be a “stabilising and anchoring force” for Singapore, Prime Minister Lee Hsien Loong said in his May Day Rally speech on ...

“The Government will do our part to safeguard our national interests. Singapore can feel the headwinds, even as it senses new opportunities opening up. It helps bring Singaporeans together, so that people know they are not alone,” he said. It shows how much talent and potential we have in our workforce." “Only in Singapore and only thanks to the NTUC. This is tripartism in practice, a huge competitive advantage for Singapore,” he said. Singapore has to maximise the potential of its domestic labour force, given that the domestic population is “hardly growing” and that the workforce is ageing, he said.

Singapore must prepare for more economic challenges as inflation will remain high and central banks are tightening policies, Prime Minister Lee Hsien Loong ...

SINGAPORE: Amid the war in Ukraine and rising cost of living, Singaporeans must be prepared for more economic challenges, but the Government is “doing all ...

That is why our electricity and petrol prices have gone up sharply,” he said. “We must address the fundamental issue which is that higher energy and food prices have made us collectively worse off. Then we can all become better off, in real terms.” He said: “Our growth must be matched by social and political cohesion. That is why the Singapore dollar has appreciated.” The Russian invasion of Ukraine is having a “far-reaching impact on the world and on Singapore”, and the fighting will “likely go on for quite a while longer”, he said. “We will push back against deglobalisation. But ultimately all these matters depend on the major powers themselves, and the relations between them, and how the war in Ukraine unfolds,” he said. If supplies are short, we are squeezed. Mr Lee added: “We have to face up to these realities. Lower- and middle-income households who need more help will get more,” he said. U-Save rebates, CDC vouchers, and S&CC rebates; these will reduce out-of-pocket living expenses for nearly all households.

As a result of global headwinds driving up energy prices, Singapore will take a hit of SGD 8 billion a year, he added, citing estimates by the Ministry of ...

The war in Ukraine has dimmed Singapore's outlook post-COVID recovery on which it was "cautiously optimistic" at the start of the year, the premier said. "Singapore's economy depends heavily on international trade and investments. "We can recover part of this by charging more for our exports. SINGAPORE: Singapore must brace up for an arduous road ahead with multiple economic challenges such as spiralling inflation and rising energy prices, Prime Minister Lee Hsien Loong warned on Sunday as he urged citizens to "stay open and make our economy stronger and more resilient." "That means we have become collectively SGD8 billion poorer off per year, and there is no escape from this," The Straits Times quoted Lee as saying at the rally held to observe Workers' Day here. As a result of global headwinds driving up energy prices, Singapore will take a hit of SGD 8 billion a year, he added, citing estimates by the Ministry of Trade and Industry.

As in past crises, the Labour Movement provided vital support to our workers. During the worst days of the pandemic, NTUC partnered the Government to extend ...

We will continue to cooperate closely with the Labour Movement to invest in every worker, to look after every worker, and to uplift every worker. The Government will do our part to safeguard our national interests, we will work with Singaporeans to find the best way forward. Tripartism must always be a stabilising and anchoring force for Singapore. We must continually reaffirm the bonds, and sustain them from one generation to the next. All of us are familiar with the blue recycling bins in our neighbourhoods, and the trucks that come around to collect and bring them back to recycling facilities. The trucks and the devices are operated by truck captains – it is a small change of title, but it is a meaningful gesture to recognise their skills, and instil pride in themselves. Business transformation and upskilling, the two of them must go hand in hand, so that when new jobs are created, workers are equipped to take them up, when there is technology and progress, workers are not displaced. It is how we have come through uncertain times and crises in the past, and it is what we will continue to need, to remain united and successful in the future. And the fundamental solution to this is to make ourselves more productive, to transform our businesses, to grow our economy, to uplift everyone. Besides contributing ideas, the Labour Movement has been deeply involved in the hard work of transforming and upgrading our economy, and improving the productivity of our businesses and workers. But the rest we consume, we turn on the lights, we turn on the air conditioner, we drive our cares, we have to bear that cost –Singapore households, businesses, and the government. Our strategy can only be one – and that is to stay open, to make our economy stronger, more resilient, and to keep on seizing opportunities for growth, developing new capabilities and becoming a more competitive economy. When the oil prices doubled to US$100 per barrel, which they have done since the beginning of last year, we have to pay double too – which means we all have to pay an extra S$30 bn a year for our crude oil and gas.

Last week, Singapore's central bank said that it expects global growth to taper down to 3.9 per cent in 2022 from 5.4 per cent last year as inflation ...

"Singapore's economy depends heavily on international trade and investments. "We can recover part of this by charging more for our exports. Amid the war in Ukraine and rising cost of living, Singaporeans must be prepared for more economic challenges, but the government is doing all it can to cushion the impact on Singaporeans and alleviate the cost-of-living pressures, he asserted. Last week, Singapore's central bank said that it expects global growth to taper down to 3.9 per cent in 2022 from 5.4 per cent last year as inflation climbed to a 14-year high. The war has worsened global inflation as Russia is a major exporter of oil and gas, and Ukraine is among the world's largest exporters of cereal crops and vegetable oils, he noted. Last week, Singapore's central bank said that it expects global growth to taper down to 3.9 per cent in 2022 from 5.4 per cent last year as inflation climbed to a 14-year high