During the Bloomberg New Economy Forum on November 8, 2023, Prime Minister Lee Hsien Loong emphasized the importance of collective action in addressing societal challenges in Singapore. Responding to questions about the country’s direction amidst increasing social transfers, PM Lee stated that Singapore is “sailing carefully to a more comfortable place,” contrasting current efforts with a previously more rigorous approach.

He highlighted that, in times of economic growth, the government could adopt a more stringent stance toward support for those struggling. However, as inequalities become more apparent, the need for collaborative efforts grows. PM Lee noted that societal dynamics require helping individuals who may be falling behind, ensuring they can reintegrate and contribute effectively to the economy.

The Prime Minister acknowledged that while the government maintains a lean budget, rising pressures such as an aging population and social costs necessitate discussions about taxation. He pointed to the planned increase of the goods and services tax to 9% in January as part of this approach.

On succession planning, PM Lee reflected on his relationship with his predecessors and mentioned the importance of oversight without being overbearing. He indicated a commitment to support Deputy Prime Minister Lawrence Wong after his anticipated handover by November 2024.

The discussion also touched on global issues, including strained US-China relations and the ongoing conflicts in Israel-Hamas and Ukraine. PM Lee articulated Singapore’s principled stance on the Israel-Hamas conflict, emphasizing the need to consider humanitarian perspectives, while he described the situation in Ukraine as a prolonged struggle, recognizing the implications of Russia’s failure.

In summary, PM Lee’s remarks underscored Singapore’s commitment to fostering a supportive and collaborative society while navigating the complexities of domestic and global challenges.