SINGAPORE — Singapore’s economy is still growing “but less vigorously than we would like”, said Prime Minister Lee Hsien Loong in his New Year Message 2020 on Tuesday (31 December).
The global economic slowdown has already affected Singapore while the country avoided a recession this year, Lee added.
“In the upcoming Budget, we will support businesses to raise their productivity and build new capabilities. We will help workers, especially mid-career PMETs, to retrain, acquire new skills, find new jobs and stay employable,” Lee revealed.
The Budget will also aim to help households with their cost of living and improve social safety nets that protect the poor, the elderly, and the vulnerable.
Lee noted that globalisation appears to be in retreat amid pessimism in some societies about the future.
Singaporeans are also worried about the state of the world, and have their own domestic concerns, according to Lee.
“But we must resist the temptation to turn inwards. Instead, we must stay open and connected to the world. Globalisation has benefitted Singapore enormously. A Singapore turned inwards cannot survive.”
In his message, Lee also spoke about reforming the education system, enhanced subsidies for first-time home buyers, expansion of healthcare facilities, and improvements in the transportation network.
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