Ties between Govt, businesses more important than before: PM Wong

Global changes will have big impact on S'pore economy, companies, people, he says

- Hariz Baharudin

The world is changing in ways that will have a huge impact on Singapore's economy, businesses and people, said Prime Minister Lawrence Wong, stressing the need for the nation to uphold its economic fundamentals and for the partnership between government and businesses to stay strong.

Amid rising geopolitical tensions and economic uncertainties, the external environment, he noted, has become more turbulent, volatile and dangerous.

He warned of the profound change in the global order, which is becoming "more like a lawless jungle where might is right".

"We cannot change these global trends. But we can shape our response to these trends," PM Wong said at the Singapore Business Federation's (SBF) Singapore Budget Symposium 2025 held at the Marina Bay Sands on March 19.

He outlined several key approaches to how Singapore can respond to these challenges.

They include maintaining the nation's pro-business environment and openness to trade and investments. It is also important to plan for the long term, including studying the possibility of deploying nuclear energy.

PM Wong also emphasised the need to strengthen national solidarity through robust tripartite partnerships, highlighting the "Singaporean way" of collaboration between the Government, unions, workers and businesses.