Economy Continues to be a Focus

PM Lee Hsien Loong

In his New Year message to Singaporeans, Prime Minister (PM) Lee Hsien Loong said the nation is ushering in 2018 with confidence and strength.

The country made steady progress on its long-term goals and finished 2017 stronger than it had started.

Economic Performance

Giving an update on the nation’s economic performance for 2017, PM Lee revealed that the Singapore economy grew by 3.5 per cent.

This was more than double the initial forecast of 1 to 3 per cent.

“Incomes have gone up across the board, especially for low and middle earners. We have benefited from the global economic upswing. But more fundamentally, our productivity has grown. Singaporeans are upgrading and learning new skills, while businesses are innovating and adopting new technology. That is how we will stay competitive and ready for the future”, emphasised PM Lee.

For 2018, PM Lee said the Government is pressing on with its economic restructuring plans.

“The Future Economy Council is working closely with unions and businesses to implement Industry Transformation Maps, inculcate lifelong learning in our workforce through SkillsFuture, and help affected workers to adapt and grow in new jobs and careers,” he elaborated.

Taking Stock

PM Lee said there is much to do in 2018. The Government will be laying out its agenda for the rest of its term in May during the President’s address at the opening of the new Parliamentary session that will take place after Budget 2018.

“This will bear the imprint of the fourth-generation leadership, who are taking on greater responsibilities, and putting forth their ideas for Singapore,” said PM Lee.

He also announced that in 2019, Singapore will be celebrating the 200th anniversary of Sir Stamford Raffles’ landing on the island in 1819.

PM Lee said it is an important milestone for Singapore, and an occasion for citizens to reflect how the country came into being and how it can go forward together.

(Photo Credit: Ministry of Communications and Information)