Singapore Prime Minister Lee Hsien Loong spoke during a visit to the Woodlands Integrated Transport Hub on Chinese New Year’s eve, saying that Singapore may avoid a recession or even see some growth.
He said that Singapore’s economic growth will slow down slightly this year, as other developed countries risk recession.
However, the exact degree of growth is dependent on external factors, such as China and how they will go about the resumption of normal operations following the easement of their zero-Covid policy.
Travel is expected to resume in full and see a recovery in the global tourism sector, after their previous strict rules that led to mass lockdowns triggered a slowdown in their economy.
PM Lee said that there is increased optimism as Singapore moved into a period of normalcy after the pandemic and that everyone is saying that since the economy is improving they should get a raise or a bigger bonus.
However, he added that there are still “dark clouds” around the world that threatens the new relief, and that the government will prepare for different scenarios with the aim of the best possible outcomes.
On Covid, he said that it is still there but no longer obsessing our thoughts and that we will deal with it in our stride.
He further added that we need to distinguish ourselves and make the most of our advantages to keep ourselves safe and doing well.
“We have every confidence we will be able to do that…We make progress with our lives, with our growth, with our futures and watch our children grow.””