Singapore’s economic outlook has weakened amid growing global uncertainty. On Apr 14, the government lowered its gross domestic product (GDP) forecast for 2025, citing the impact of new tariffs on international trade.
Announced by United States President Donald Trump on Apr 2, the measures include a blanket 10 per cent tariff on all imports, with steeper rates for countries seen as having unfair trade practices.
While Trump has paused additional tariffs on most partners for 90 days – excluding China – Singapore remains affected by the baseline 10 per cent levy, despite having zero tariffs on US imports.
Despite the challenging global developments, Mr Wong said that this year was extra special, as it marked Singapore’s 60th year of independence (SG60).
“We’ve come a very long way. Just look at where we started and how much Singapore has changed today, and how lives have improved. It’s unimaginable,” he said.
“No one would have dreamt of the Singapore we have today back in 1965. But we could achieve all that we have by working together, as one people.”
While it does not mean that everything is perfect, Mr Wong said there is still room for improvement.
“But so long as we keep working together, I’m sure we can continue to progress, continue to do better.
“Our best days in Singapore are still ahead of us.”
