Singapore must prepare for economic challenges amid Ukraine war, rising cost of living: PM Lee

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”, said Prime Minister Lee Hsien Loong in his May Day Rally speech on Sunday (May 1).

Mr Lee outlined the impact of the war in Ukraine on Singapore, noting that Singaporeans are already feeling the impact of the war on the cost of living. Read more:

He added that tripartism must always be a “stabilising and anchoring force” for Singapore, and that leadership renewal is crucial for such collaboration among the Ministry of Manpower, the National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) to continue. Read more:

This is the full speech delivered by Mr Lee at the May Day Rally.

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