The Singapore government has revised down its economic growth rate forecast for 2025. Senior Minister Lee Hsien Loong pointed out that the world situation in the next 5 to 10 years will be highly uncertain, and the external environment has become less friendly. It is foreseeable that the tension between the US and China will further intensify due to trade issues.
On the evening of the 14th, Lee Hsien Loong delivered a speech at the National Trades Union Congress Center, reported by media such as Lianhe Zaobao. He noted that the wide-ranging impact of the reciprocal tariff policy by the Trump administration means that the uncertainty in the next 5 to 10 years will be very high, and the external environment has become less friendly.
Lee Hsien Loong stated that Singapore has always been able to "grit its teeth and calmly respond, ultimately overcoming challenges" such as the Asian financial crisis, the global financial crisis, and the pandemic. This resilience is due to internal unity and measures taken to solve problems.
Discussing changes in the global trade system, he mentioned that Singapore used to quickly integrate into the trade system and continue to achieve growth in the economy after overcoming difficulties. Now, such external conditions no longer exist, impacting jobs and the economy, and he urges Singaporeans to be mentally prepared.
Finding Our Own Path to Development
He said that the United States is seeking and promoting a fundamentally different world, and this approach is not a win-win, but a zero-sum. In other words, the US cares about whether it benefits itself and does not concern itself with whether other countries also benefit.
The Ministry of Trade and Industry (MTI) of Singapore announced preliminary estimates on the 14th, indicating that the economic growth rate this year is expected to range between 0% and 2%, previously estimated at a range of 1% to 3%. Lee Hsien Loong said that the trade war will impact all industries, disrupt business operations, and from a geopolitical perspective, it is foreseeable that the tension between the US and China will further intensify due to trade issues. This also means that the region Singapore is in will become less stable, "We must work harder to maintain friendly relations with both (the US and China) while also finding our own path to development."
On the evening of the 14th, Lee Hsien Loong delivered a speech at the National Trades Union Congress Center, reported by media such as Lianhe Zaobao. He noted that the wide-ranging impact of the reciprocal tariff policy by the Trump administration means that the uncertainty in the next 5 to 10 years will be very high, and the external environment has become less friendly.
Lee Hsien Loong stated that Singapore has always been able to "grit its teeth and calmly respond, ultimately overcoming challenges" such as the Asian financial crisis, the global financial crisis, and the pandemic. This resilience is due to internal unity and measures taken to solve problems.
Discussing changes in the global trade system, he mentioned that Singapore used to quickly integrate into the trade system and continue to achieve growth in the economy after overcoming difficulties. Now, such external conditions no longer exist, impacting jobs and the economy, and he urges Singaporeans to be mentally prepared.
Finding Our Own Path to Development
He said that the United States is seeking and promoting a fundamentally different world, and this approach is not a win-win, but a zero-sum. In other words, the US cares about whether it benefits itself and does not concern itself with whether other countries also benefit.
The Ministry of Trade and Industry (MTI) of Singapore announced preliminary estimates on the 14th, indicating that the economic growth rate this year is expected to range between 0% and 2%, previously estimated at a range of 1% to 3%. Lee Hsien Loong said that the trade war will impact all industries, disrupt business operations, and from a geopolitical perspective, it is foreseeable that the tension between the US and China will further intensify due to trade issues. This also means that the region Singapore is in will become less stable, "We must work harder to maintain friendly relations with both (the US and China) while also finding our own path to development."