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Prime Minister Lee Hsien Loong: Singapore's economy avoids recession

Prime Minister Lee Hsien Loong in this photo provided by Singapore's Ministry of Communications and Information on December 31. Photo: MCI

Singapore's economy will grow 1.2% in 2023 to avoid recession, Prime Minister Lee Hsien Loong said in his New Year's message on December 31. However, he pointed to challenges ahead as geopolitical uncertainties continue to weigh on the global economy.

“In the next few years, we may face an external environment that is less favorable to our security and prosperity,” he said, referring to tensions in the South China Sea and the Taiwan issue. “These could affect confidence in the region and therefore our growth.”

He said climate change would also have an impact on the economy. " Climate change will pose huge challenges for every country. We are already feeling its effects," he said.

"But we also have reason for hope and confidence. Rapid technological advances, particularly in artificial intelligence and robotics, open up potential opportunities for our businesses and people. The Government will work closely with businesses to upgrade and transform their operations. The Government will also work with partners to support all Singaporeans to upskill and reskill, so that all can actively pursue careers that make them valuable to employers and give them a competitive edge," Prime Minister Lee Hsien Loong stressed.

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