- Singapore is benefitting from the rapid growth of artificial intelligence and the government is making use of the technology to ensure higher productivity and better jobs for workers who are worried about their livelihoods, Prime Minister Lawrence Wong said.
- PM Lawrence Wong delivered a National Day message on Saturday, on the eve of the country's 61st year of independence.
- Wong stated that new breakthroughs are creating opportunities that were unimaginable just a few years ago, even as they raise new challenges and questions.
- He emphasized that Singapore will embrace advances on its own terms, stating, “We cannot stand still while others move ahead.”
- Wong announced plans to unveil measures this month to help families dealing with rising costs of taking care of children and the elderly.
- Officials have warned that external volatility and technological shifts continue to pose risks to Singapore's trade-reliant economy.
- Singapore's GDP grew 5.7% in Q2, slower than the previous quarter, but still on track to outperform the full-year forecast.
Singapore's Prime Minister Lawrence Wong emphasized the importance of artificial intelligence in enhancing job security for workers concerned about their livelihoods. In a recent address, he stated, “New breakthroughs are creating opportunities that were unimaginable just a few years ago, even as they raise new challenges and questions.”123
The government is re-evaluating its approach to industry and trade to bolster the city-state's competitiveness, particularly as it faces external volatility and technological shifts that threaten its trade-reliant economy. Wong noted, “We cannot stand still while others move ahead. But neither should we accept every new technology uncritically. Singapore will embrace these advances on our own terms.”6
In addition to AI initiatives, Wong announced plans to unveil measures this month aimed at supporting families grappling with rising costs associated with childcare and eldercare, as Singapore's fertility rate hits an all-time low. He acknowledged the strain on family life, stating, “Across the world, family life is coming under greater strain. We hear these concerns in Singapore too.”5
Despite challenges, Singapore's economy is projected to outperform the government's growth forecast, with a second-quarter GDP growth of 5.7% year-on-year, driven by demand for AI-related electronics. The Ministry of Trade and Industry's full-year growth projection stands at 2%-4%.7
“Wong's National Day message also flagged the need to strengthen the city-state's competitiveness amid external volatility and technological shifts. He pledged stronger safeguards for children navigating the digital world, as GDP grew 5.7% in Q2, slower than the prior quarter.”
