Prime Minister Lee Hsien Loong addressed the country in his National Day Message 2022 yesterday (8 August), acknowledging that the cost of living is at the top of everyone’s minds.
He said that the government is doing everything necessary to help Singaporeans with the rising cost of living, as he listed out some of the measures that the government has done/is doing to help the people:
- Multiple support packages have been released, targeting the neediest, with more packages to be introduced in the coming months to complement the support programmes.
- The government is also trying to alleviate skyrocketing food prices by securing supplies from diversified sources, as well as stockpiling supplies.
- Exchange rate policies have been tightened and our currency has been strengthened to dampen the imported inflation.
PM Lee added that should the situation worsen, the government is ready to do more to help Singaporeans.
“Around us, a storm is gathering”
He also warned that the world is unlikely to return to low inflation and interest rates anytime soon because of the shifting in international economic conditions.
He added that although Singapore’s economy has emerged strongly from the pandemic, the outlook has clouded considerably due to overseas conflicts worsening the existing inflation, as well as the supply chain being disrupted by Covid.
He also pointed to other overseas tensions and said that “around us, a storm is gathering”, and Singapore will be buffeted by intense rivalry and tensions in the region around us.
He also urged Singaporeans to stay united, and keep our armed forces strong and credible, while also preparing ourselves for a less peaceful and stable region in the decades to come.