Videos

As a small and open economy, Singapore is not insulated from the impacts of an increasingly challenging global economic environment. This includes a global economic slowdown and strong external inflationary pressures 📉 However, our ability to look and plan long term – to assess the winds of change and identify the trends, opportunities and challenges for Singapore – remain unchanged ☀️🔍 💪 We have laid strong foundations for the long term by: 🪙 Maintaining a stable macroeconomic environment so businesses and households can make economic decisions with confidence. 🔗 Building extensive trade links to the world, to diversify our sources of imports and exports 🌏 Staying open and connected to the world, to innovation, investments and talent. At the same time, we keep our eye firmly on the ground, partnering with Singaporeans and businesses to weather this difficult period through targeted support ☔️✨ The livelihoods of our people are not a theoretical exercise to us. We will navigate Singapore and Singaporeans through these challenging times, just like how we did during the COVID crisis 🧭

We do not expect Singapore to enter into a recession or stagflation this year or the next. At the same time, we understand the concerns of Singaporeans and local businesses. And we are addressing the challenging environment in three ways: 💵 We will maintain a stable macroeconomic environment so businesses can make investment and operational decisions with confidence. MAS has tightened monetary policy thrice since Oct. The appreciation of the SGD will help temper imported inflation. 🧰 Our $1.5 billion support package announced last month will also provide immediate and targeted relief to lower-income and vulnerable Singaporeans, who are disproportionately affected by higher prices. 🚀 MTI will continue to attract investments and foster new growth engines. Strong job creation and wage growth are the best ways to combat inflation.

Our Green MoCa has landed on yet another milestone in their mission to Green our MoCa - Moulmein-Cairnhill. We launched Our Green Hub at Blk 40. A centre for residents to come together to create green solutions for our community and raise awareness about climate change. There are recycling machines, murals, an area for residents to play a game, and regular activities to design green projects. We are just getting started. We’ll design our Green Linear Park next to our Green Hub, incorporate green and sustainable elements to our carpark and transform the area. Watch this space. And join our greening efforts! #sgGreenPlan

Thank you Maybank for inviting me to your #InvestAsean2022 Forum to speak to your teams, clients and investors throughout ASEAN. Out of the frying pan and into the fire. We discussed how we’re emerging from the frying pan(demic) only to find ourselves jumping into the fire of a 🔥 hot war, 💵 hot prices and 🌍 a hotter planet. 🧊 But there’s much we can do together to cool this heat and lower the temperature. We can: 🌏 Invest widely and diversely, and trade more. So #freetradeagreements and digital and green agreements can help. #rcep, #cptpp and other trade agreements we have landed or are negotiating can help. 💵 Manage inflation decisively. MAS has been pre-emptive in tightening monetary policy to help slow inflation. 🌲 Commit to climate goals. Singapore is accelerating our long term climate change plans and stepping up our 2030 goals. MAS is also playing a role to develop global and regional taxonomies and green standards, and building Singapore into a green finance hub.

We have set aside ~SGD500M to help our tourism sector recover, thrive and recapture the pent up demand for travel, with an arrange of exciting new offerings this year, including our Formula 1 Singapore Grand Prix, and our Avatar themed showcase at Gardens by the Bay. Visit Singapore! 🇸🇬 🎥 Channel NewsAsia Singapore Tourism Board Ministry of Trade and Industry (Singapore) Press: https://lnkd.in/gckcBSEM

In Parliament today, I also responded to two important questions by People's Action Party MPs Saktiandi Supaat and Desmond Choo 朱倍庆 on the household debt situation in Singapore and the impact that the rising global interest rate outlook will have on mortgage rates. While the household debt situation in Singapore remains healthy, there is need for prudence in borrowing as interest rates rise in the coming years. ⚠️ Most households should still be able to service their mortgages as Singapore’s domestic interest rates pick up alongside global rates from their current lows. The Monetary Authority of Singapore stress tests suggest that the median household mortgage servicing ratio will remain manageable even under scenarios of significantly higher interest rates or lower incomes. However, all borrowers should exercise caution in their home purchases, to avoid having to cut back on other household expenditures if interest rates rise sharply.