Prime Minister Lawrence Wong acknowledges that cost of living remains a concern for Singaporeans despite moderating inflation. He assures the public that his team will do everything possible to help them navigate this difficult period and outlines plans to ensure good jobs with better wages in the long term.
Smart move: Shoppers and pedestrians wait to cross a street on Orchard Road. The key to managing the cost of living problem is to ensure that Singapore ans continue to enjoy good jobs with better wages, according to Wong. – Bloomberg
While inflation is expected to come down further this year, this does not mean prices will never go up, he added.“To delay such adjustments will only make the pain worse in the future. But if such increases are needed, we will find ways to mitigate the impact,” said Wong. Laying out the forecast for 2024, the expected higher economic growth and lower inflation contribute to a favourable outlook.
In total, the government has earmarked more than US$10bil for the Assurance Package to help cushion the impact of cost-of-living increases.“So far this year, every Singaporean household has received S$800 in Community Development Council vouchers. For more than a decade before the Covid-19 pandemic, global inflation was largely stable, including in Singapore, where price increases were lower than global inflation in most years, he said.
During this period, the Singapore dollar was kept strong as the Monetary Authority of Singapore tightened monetary policy five times, shielding the country from most imported inflation, he added.
Singapore Cost Of Living Inflation Prime Minister Wong Economic Growth
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