Singaporean Prime Minister Lawrence Wong reaffirmed the country’s ability to tackle developing global issues despite growing geopolitical uncertainty. On February 28, he concluded the Budget 2025 debate in Parliament by emphasising the importance of Singapore’s adaptability in a constantly changing global scene.
He promised that the government would continue to drive economic growth by creating excellent jobs and new opportunities for Singaporeans. At the same time, Singapore would prioritise industry transformation while remaining cost-competitive.
According to Wong, international powers are putting security concerns first, which is causing zero-sum rivalry to replace cooperative progress. This trend presents issues for small, open economies such as Singapore. While big powers may not seek direct conflict, they are bracing for increased rivalry, he cautioned.
To stay ahead, Singapore will enhance the National Productivity Fund, making it more appealing to investors. The government believes that these programs will improve employment chances for its inhabitants.
Furthermore, Singapore welcomes technology developments from other nations. However, leading technology providers are strengthening control over their intellectual ideas to prevent leakage.
Despite foreign constraints, Singapore remains dedicated to increasing domestic production, which has grown at a constant 2% per year between 2014 and 2024.
