THE WAY FORWARD FOR SINGAPORE
Speaking at the launch of the Marsiling-Yew Tee Town five-year master plan at Yew Tee Square on Saturday morning, Prime Minister Wong said that Singaporeans might enter a world that is more “dangerous and unpredictable”.
Despite the “dark clouds” ahead, Mr Wong said Singapore has always overcome such challenges with “grit and determination”, particularly during the COVID-19 pandemic.
“As long as we continue to stand together and look out for each other, I believe we can weather the storm, and build a better tomorrow, a better home and a brighter future for everyone.”
As the world undergoes significant changes, Dr Balakrishnan said the way forward for Singapore is to “double down” on regional and global integration.
These include strengthening ASEAN ties, furthering free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP), and continuing Singapore’s proactive role in signing and abiding by multilateral agreements.
Dr Balakrishnan acknowledged that while the US’ withdrawal from the global system is a significant setback, it still accounts for only 14 per cent of global trade, leaving 86 per cent remaining.
“My hope is that the rest of us will double down on integration, win-win solutions, and signing agreements that we will abide by, both in spirit and in the letter of the law,” he said.
“We need to keep the principle of economic interdependence, efficiency, and competitive advantage. If we can do that, we can still stay in the game.”
Still, it is essential for Singaporeans to stay informed, said Dr Balakrishnan, as there must be a strong focus on domestic preparation, such as social safety nets, education, retraining and upskilling.
“We have both immediate, acute challenges and long-term ones, but Singapore has agency. Singapore has options. There’s a full agenda, and we need to ensure that all this translates into real benefits, hope, and optimism on the ground.”
When asked how Singapore will weather the looming storm, Mr Shanmugam said Singapore has always faced “many serious problems” – from the country’s birth in 1965, economic recessions, the SARS outbreak and the COVID-19 pandemic – and has seen them through.
“You know how we have always solved problems … The key is, in the end, unity within our country,” said Mr Shanmugam.
“The leadership is not thinking of the next election, but five years, 10 years (ahead), and taking the steps that are necessary with the support of the people to get past these dangerous times. And that’s always been the case.”
