Jobs, homes, infrastructure at the core of Singapore's resilience: Economists

They say PM Wong's NDR speech focused on priorities that play to country's strengths

- Angela Tan

Singapore's economy remains resilient despite US tariff uncertainties, thanks to the nation's core strengths in job creation, infrastructure and housing, economists said after Prime Minister Lawrence Wong's National Day Rally on Aug 17.

While no new handouts were announced, PM Wong has set out a strategy focused on equipping workers with new skills, helping businesses adopt technology, renewing the living environment and ensuring affordable housing for future generations - priorities that economists said play to Singapore's long-term strengths.

"PM Wong's second National Day Rally speech charted a forward-looking vision for Singapore and its citizens: One filled with hope, possibilities and opportunities, yet firmly grounded in realism and caution. The short- to medium-term challenges are immense, particularly on the economic front," said Mr Suan Teck Kin, head of research at UOB.

Artificial intelligence (AI) will continue to disrupt the economy, hence the usual mantra of reskilling, upskilling and lifelong learning remains valid, he said.

"The core message is, how will Singapore not only survive, but thrive in this unknown world."

The immediate priorities are safeguarding jobs and securing Singapore's interests through international business deals, Mr Suan said.

In the medium term, he added, the focus should be on helping all segments of society harness innovation and technology to lift productivity and create new value across the economy.

Maybank economist Chua Hak Bin said Singapore's economy has so far been absorbing the shocks from US tariffs. However, it remains vulnerable if the levies are hiked further and US-China rivalry intensifies.