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PM Lee Hsien Loong urged Singaporeans to be psychologically prepared that in the next decades, in his National Day Message on Aug 8, 2022.

Whilst Department of Statistics data shows inflation is now affecting high-income households to a greater extent - driven by the rising prices of cars and petrol - these are problems of a different magnitude than those faced by low-income Singaporeans. We are a small boat in the ocean, in a small wave we will bob up and down. Geopolitical tensions have directly hit most states due to the dependence of South-east Asia and the world on imports of crude oil, natural gas and even basic necessities such as rice, wheat and eggs. We just have to find a balance every now and then, like a see-saw. This trope and the related idea tirelessly propagated by Beijing and its apologists, that the East is rising and the West declining, are drastic and dangerous simplifications of a far more complex reality. Inflation is also expected to remain high till the end of this year.