On Friday, Prime Minister Lee Hsien Loong looked optimistic in his speech about Singapore’s economy. According to him, the economy should improve this year despite the uncertain times.
With several real estate developments in the works as well as more flights and visa-free travel between Singapore and China, he pointed out that industries including retail, food and beverage, and construction are looking good.
In 2023, Singapore witnessed modest economic growth of 1.2%, a decline from 3.6% in 2022, but managed to evade a recession. Core inflation averaged 4.2%, slightly higher than 4.1% in 2022.
Singapore’s low fertility rate, dropping to 1.04 in 2022, prompted PM Lee to hint at potential government support for families. He highlighted strides made in aiding young couples with preschools, flexible work arrangements, baby bonuses, and family leave, with plans for further initiatives.
PM Lee hinted at enhancing family support and teased upcoming announcements in the 2024 budget statement on February 16. Expressing hope for a “dragon baby” boom, which many consider auspicious, PM Lee emphasised the positive connotations of the upcoming lunar year. He highlighted strides made in aiding young couples with preschools, flexible work arrangements, baby bonuses, and family leave, with plans for further initiatives.
