Prime Minister Lee Hsien Loong’s 2022 national day message to Singaporeans

The Singapore Government is “doing everything necessary to help Singaporeans cope with rising prices” and stands ready to do more to help if inflation worsens, but international economic conditions have shifted, said Prime Minister Lee Hsien Loong in his national day message.

In a video message broadcast on Monday (Aug 8), Mr Lee said: “The world is not likely to return anytime soon to the low inflation levels and interest rates that we have enjoyed in recent decades. Singapore’s deeper response to this shift must be to transform our industry, upgrade our skills and raise our productivity. Then our wages can go up higher than inflation, and
Singaporeans can earn more in real terms year by year.”

He added: “COVID-19 will not be Singapore’s last crisis. More storms and turbulence lie ahead. But do not fear. As long as we stay united and resolute, we can keep our nation peaceful and secure, build a more prosperous economy, and forge an inclusive society that all of us can belong to and can be proud of, for many years to come.”

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