Summarising the geo-political challenges and socio-economic opportunities facing Singapore, Prime Minister and Finance Minister Lawrence Wong, in his first National Day address, said, “We have to act with agility, foresight and gumption. We have to seek fresh solutions, and chart our own path to take Singapore forward.”
As the finance minister and “4G” leader of the small island nation, Wong, who released his speech a day in advance of the August 9 celebrations, touched upon all the day-to-day issues that matter to Singaporeans — housing, inflation, skills, jobs — and also spoke in no uncertain terms about what Singapore needed to do in a world that was “changing dramatically”.
Ever pragmatic, the prime minister avoided excessive optimism in his speech and admitted that the “powerful forces” shaping the operating environment in Singapore kept him “awake at night”.
At the same time, he outlined the roadmap to strengthen Singapore, taking the benefits of being a developed economy to every segment, “investing more in our social infrastructure”.
PM Wong began his Singapore National Day address by explaining the historical significance of the ground he stood on.
“My fellow Singaporeans,” he said, “this is my first National Day Message as Prime Minister. I’m speaking to you from Sri Temasek on the Istana grounds. My office is here for the time being as the main Istana building is undergoing extensive renovation.
“This is where [Singapore founder] Mr Lee Kuan Yew and his family spent the night of August 8, 1965. He had flown back to Singapore that morning with the Separation Agreement and moved into Sri Temasek out of security concerns. He recalled in his memoirs how he had tossed and turned that night, consumed with worry of how to build a nation from scratch.”
PM Wong continued, “Mr Lee and his colleagues, supported by our Pioneer Generation, rose to the occasion. With grit and determination, they overcame enormous odds and laid the foundations upon which we stand today.”
Each successive National Day gives Singapore much to celebrate, as those very difficult early years have given way to an unmatched quality of life and a role-model economy.
“From modest beginnings, we transformed Singapore into a First World success story. From an improbable nation, we became a shining red dot on the global stage,” said PM Wong. “But,” he cautioned, “new challenges lie ahead.”
“The world is changing dramatically,” he said, referring to the long drawn-out conflicts in Europe and the Middle East, and the thorny relations between the United States and China.
Those two major economies “don’t want to collide” for now, but “are engaged in a strategic rivalry that can undermine peace and stability, especially in this region”, said PM Wong.
In addition to these, “growing populism, economic nationalism, and protectionism” were evident across the world.
Wong said that addressing “urgent existential crises, especially climate change”, had been made harder by politics taking “a vicious turn” in many nations.
These are powerful forces that shape our operating environment. They are what keep me awake at night. Granted, we are no longer building a nation from scratch. But neither can we afford to cruise along and just rely on existing formulas. We have to act with agility, foresight and gumption. We have to seek fresh solutions, and chart our own path to take Singapore forward.
Lawrence Wong, Singapore Prime Minister and Finance Minister
After outlining the challenges, PM Wong moved to the opportunities and focused on the three main areas of work to “build a better Singapore”. These are: innovating through technology; keeping the cost of living stable; and strengthening the system of social support in Singapore.
He told the nation that Singapore, which had already achieved the status of a developed economy, “cannot expect to grow as rapidly as before”, but innovation and productivity could still ensure continued growth.
“That’s why we are investing in R&D and new technologies like robotics and [Artificial Intelligence]. And we are undertaking massive infrastructure projects, like the Changi Airport Terminal 5 and the Tuas Port, to sharpen our competitive edge as a global logistics hub,” said Wong.
These strategies have led to business leaders putting their faith in the island nation. “In a fractured and troubled world, they see Singapore as a stable, trusted and reliable base to expand and grow their operations in Asia,” said the prime minister.
As new economic sectors emerge, workers need to develop new skills, and the Singapore workforce has to be trained and prepared accordingly. SkillsFuture is the answer. “Education will not stop at schools — our middle-aged workers now have more options to hone their skills, and try their hand at something new. We will work closely with the NTUC and employers to equip every worker for the future economy,” said PM Wong.
He then went over the nation’s “efforts to keep the cost of living stable” and to “strengthen [the Singapore] system of social support”.
While the government imparted skill training and created the conditions for wages to increase enough to beat inflation, “support measures like the CDC vouchers, cash payouts and utilities rebates” would cushion Singaporeans, said the prime minister.
To keep housing affordable and accessible, the Singapore Government has “imposed additional cooling measures [on prices] and ramped up the supply of new HDB flats”.
To take care of Singapore’s “rapidly ageing population”, the government is investing more in the social infrastructure.
PM Wong highlighted, “In the last two Budgets, we made several moves to uplift lower-wage workers, support vulnerable families, and boost retirement adequacy. We have also embarked on nation-wide initiatives like Healthier SG and Age Well SG to take better care of our seniors. We intend to do more.”
There were plans to further strengthen the social safety nets, and offer more support to Singaporean families and to those who faced employment setbacks.
Simultaneously, a culture of excellence would be promoted. “Even as the government does more, we will also reinforce individual and community efforts,” said the prime minister.
We encourage each person to work hard, make full use of the support available, and strive their utmost to excel in their jobs and uplift their families. Those who do well for themselves should pay it forward, and give others a hand. That’s how we keep our society cohesive, resilient and strong.
Lawrence Wong, Singapore Prime Minister and Finance Minister
Telling the public that “the challenges ahead are formidable” and that “there are no quick and easy solutions, no model answers to refer to”, PM Wong added, “But the bigger the problems, the greater is our resolve to tackle them head-on, and to turn vulnerabilities into strengths.”
Once again, he reminded people just how far Singapore had come: “Fifty-nine years ago, we were a Third-World nation, with paltry means whether to earn a living or to defend ourselves. Today, we [have] one of the world’s busiest sea and airports, most liveable cities, and most educated populations.”
Looking ahead, PM Wong said, “We may be a young nation, but we have overcome much together. So we have good reasons to be confident about our future. Despite the challenges, we will take Singapore onwards and upwards. Ours will be a future full of exciting opportunities and possibilities. A home where everyone is respected and valued. Where everyone can be the best possible version of themselves. And where we will always help one another succeed together.”
