PM Wong touches on cost of living & economy in first New Year message
As 2024 came to an end, Prime Minister Lawrence Wong released his first New Year Message to Singaporeans.
In it, he looked ahead to 2025 and what the Government would do in the New Year.
Touching upon the perennial issue of the rising cost of living, he said they would continue to cushion its impact for Singaporeans.
Source: Lawrence Wong on YouTube
PM Wong outlines plans for 2025 in New Year Message
In his New Year Message released on Tuesday (31 Dec), PM Wong outlined some of his plans for 2025.
Firstly, as Finance Minister, he will deliver the Budget Statement on 18 Feb.
This is when he will set out the next steps of Forward Singapore — an exercise that seeks Singaporeans’ views on how we should refresh our social compact.
Through the exercise, Singaporeans “will revise our policies, reset attitudes and mindsets, and refresh the Singapore Dream”, he said, adding:
We will build a fairer and more inclusive society, where everyone is assured of opportunities to succeed, regardless of their starting points in life; where every one of us can realise our dreams, and live with dignity, security and hope for a brighter future.
One major step taken to that end is in connection with housing policies, which “have been updated to make HDB flats more affordable”, the PM noted.
More targeted help to cushion impact of rising of cost of living
Another item on the agenda is cushioning the impact of the rising cost of living, including by providing “more targeted help to those who find it harder to cope”.
This is especially for older people and lower-income groups, but not neglecting other segments such as those caring for both elderly parents and young children, he said, adding:
Every citizen has a role and place in our society. No one will be left behind, because we are all in this together.
The Government has already implemented measures such as cash support, CDC vouchers and utility rebates to mitigate the impact of inflation, while community groups and companies chipped in various ways, he pointed out.
He also noted that to create exciting opportunities and good jobs for Singaporeans, our economic competitiveness would be sharpened.
S’pore’s economy grew 4.0% in 2024
Speaking of which, Singapore’s economy grew 4.0% in 2024, “exceeding expectations”, Mr Wong said.
Median income has also risen by 2.2% per annum above inflation over the past decade, he revealed, meaning that most workers “have received wage increases that outpace inflation”.
This makes them better off in real terms, he added, saying:
With the strong economy, I expect real incomes to rise further.
Overcoming obstacles with solidarity & unity
Looking back on 2024, Mr Wong acknowledged that the year “had its share of difficulties”, saying:
The Government did not get everything right in the first instance.
However, they were “upfront with Singaporeans” about these shortcomings and learnt from them to improve so they could continue “to give our best to serve all Singaporeans”, he added.
He said Team Singapore’s way of overcoming obstacles is to do consistently so with “solidarity and unity” —Â working together and closing ranks in the face of challenges.
He’s confident about S’pore’s future
As 2025 marks the 60th anniversary of Singapore’s independence, the milestone is a time for reflection, Mr Wong said.
Envisioning how we can shape our future together, he noted that the journey ahead “will not be short of challenges”.
But he’s confident that younger Singaporeans, like the older generation, have the resilience and fighting spirit to face them, just like they did during the pandemic, adding:
We know deep in our bones that Singapore was built against the odds. Together, we turned what seemed impossible into reality… Every generation has done its part, strived for excellence, and made their tomorrow better than today.
Wishing Singaporeans a very Happy New Year, he called on us to “blaze a bold path forward”.
Also read: ‘We will redouble efforts to keep the cost of living stable’: PM Wong in National Day message
‘We will redouble efforts to keep the cost of living stable’: PM Wong in National Day message
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Featured image adapted from Lawrence Wong on YouTube and MS News.
