We made 1.2% growth this year, avoiding a recession. But households are still feeling the pressure of higher cost of living, though inflation is gradually coming down. I hope the Government’s many assistance schemes have helped to relieve the burden on households. Next year, MTI projects our GDP to grow by 1 to 3 percent, and inflation hopefully to come down further, but much will depend on the external environment.
From 1 January, the GST rate will increase to 9 percent. The extra revenue will help the Government to pay for growing healthcare expenses as our population ages. To cushion the impact, households will continue to receive the Assurance Package next year. This way, households who need help will get it, while we can keep our public finances sound and sustainable over the longer term.
Looking Ahead to 2024
For some years to come, we must expect the external environment to be less favourable to our security and prosperity. Geopolitical uncertainties will continue weighing on the global economy. In our own region, there are tensions and risks over rival claims in the South China Sea, and because of the cross-Strait situation. These can affect confidence in the region, and hence our growth.
At the same time, climate change will pose major challenges for every country. We are already feeling its effects. Singapore needs to adapt to and prepare for rising temperatures and sea levels, and to transition our economy to net-zero carbon emissions. It will be costly and demanding.
But we also have reason for hope and confidence. Rapid technological progress, especially in artificial intelligence and robotics, holds great promise for our businesses and people. The Government will work closely with businesses to upgrade and transform their operations, and with our tripartite partners to support every Singaporean to up-skill and re-skill, so that all can actively pursue their careers and keep themselves employable and competitive.
At the same time, we must always care for others in our community, and help those in greater need than ourselves. The Government will keep uplifting lower-income families and vulnerable groups, to enable them to live with purpose and dignity. We will continue to build affordable and accessible public housing for Singaporeans, a cornerstone of our social compact. To care for our ageing population, we are enhancing our physical infrastructure and social safety nets, and transforming our healthcare system with Healthier SG and Age Well SG. All these, and more, form part of the blueprint for a refreshed social compact.
The Forward Singapore agenda for Singapore is an ambitious one – especially as we will have to realise it in an era of rapid external and internal change. Many larger societies have become divided and weakened because difficult issues were not tackled directly and effectively, rival interest groups jostled against one another, and leaders put their own interests above the nation’s. As a small red dot, Singapore cannot afford to make the same mistakes and suffer the same consequences. We must work ever harder to keep our society together, and strengthen our sense of shared identity and nationhood.
Next year, DPM Lawrence Wong will take over from me as Prime Minister. This is not the first time we are having a leadership transition. But transitions are always delicate. Singapore will come under close scrutiny. People near and far are watching to see how the new leaders bond with Singaporeans, and whether our small nation can remain successful and exceptional. I urge Singaporeans to stand together, give your full support to Lawrence and his 4G team, and work with them to build a nation that is vibrant and inclusive, fair and competitive, and resilient and united. This is how we have come through successive crises and done well, and this is how we must surmount future challenges which are bound to come.
Let us face 2024 invigorated and confident, as one united people. The future may be uncertain, but our path is clear. I call on every Singaporean to come together to fulfil our aspirations, and secure a bright future for Singapore.
I wish all Singaporeans a Happy New Year!
信息及圖片來源：新加坡總理公署官網
