Singapore’s economy beats forecasts with 4.8% growth in 2025, but PM Wong warns pace will be hard to sustain
LOOKING FURTHER AHEAD
Longer-term challenges, such as an ageing population and securing clean energy supply, must also be confronted, said Mr Wong.
Like many advanced economies, Singapore’s population is rapidly ageing while its birth rates are declining, said the prime minister.
“We will continue to support young Singaporeans who want to marry, settle down and have children, by addressing their concerns – from housing to childcare and education,” he said.
“We will create an environment where families can grow and thrive, and society remains vibrant and forward-looking.”
This includes staying open and welcoming those who “embrace” the Singapore way of life as fellow citizens, said Mr Wong.
“Together, these efforts will help strengthen our shared values and identity, and maintain a strong and cohesive Singaporean core.”
Longer lifespans will also have far-reaching implications for healthcare, work and retirement, and these issues are being studied holistically, said Mr Wong.
A Tripartite Workgroup on Senior Employment is reviewing strategies for seniors to work meaningfully in age-friendly workplaces, while efforts to strengthen retirement adequacy continue, especially for lower- and middle-income workers who need more support, he said.
Mr Wong said that Singapore will also secure a reliable supply of clean energy to power the energy-intensive industries of the future, including AI.
One strategy is to import green energy, and work towards the longer-term goal of an ASEAN Power Grid, he said.
Singapore is also pursuing its own clean solutions, with possible options such as low-carbon hydrogen and nuclear energy, said Mr Wong.
“In our early years of nation-building, water was an existential threat. Through hard work and ingenuity, we created NEWater. Now, clean energy is our new frontier and next major challenge. Just as we did with water, we must turn this vulnerability into a source of strength,” he said.
Mr Wong said the challenges ahead are complex and will require Singaporeans to be bold, creative and open to new solutions.
“We will have many discussions and robust debates. But we must never allow our differences to divide us. Instead, we must harness our diverse perspectives to chart a new path forward – as one united people,” he said.
Despite the world today seeming “darker and more dangerous than before”, Singapore has always found strength in adversity, noted Mr Wong.
“We endured and progressed because we refused to be defeated – because we faced challenges together, with courage and quiet determination. Sustaining the Singapore miracle requires the same spirit from all of us today,” he said.
