Positive growth expected for Singapore in 2023: Singaporean PM

Singaporean Prime Minister Lee Hsien Loong on August 20 affirmed that Singapore is keeping up economically after the COVID-19 pandemic and is expecting positive growth.

Speaking during the National Day Rally, PM Lee Hsien Loong said that having come through the COVID-19 pandemic, Singapore is being tested again with an international environment fraught with tension and economic uncertainty as well as global warming.

From China and Japan to Europe and the US, no region is spared from floods and droughts, heatwaves, and wildfires, he said, adding that food production and prices worldwide will be affected.

Singapore has not fully felt it yet, but it is coming, the PM said, saying that inflation in the country is coming down, but it will probably stay higher than what the country was used to.

Besides, geopolitical tension and global warming also pose challenges. The Ukraine-Russia conflict, fraying global economic order, weakening globalisation, and split supply chains hurt all countries, but especially small, open trading nations like Singapore, said Lee.

He said the Singaporean Government will continue to support people in coping with the rising cost of living, and expressed his hope that the Singaporean Government and people will weather the storm together.

Source: Vietnam News Agency