In his speech, Wong acknowledged the challenges brought about by the second Trump administration's trade and tariff policies. "Fractured trade and geopolitical tensions are not transient problems, but permanent features of a more fragmented world. We will face more obstacles to growth and inflationary pressures may intensify. And as a small and open economy, Singapore cannot fully shield ourselves from these headwinds," he adds.
Singapore’s economy grew by a "stronger-than-expected" 4.8% in 2025, higher than last year's 4.4%, says Prime Minister Lawrence Wong in his New Year message on Dec 31.
"We kept unemployment and inflation low and real incomes rose across the board. This is a better outcome than we expected given the circumstances but we must be realistic. Sustaining this pace of growth will be difficult," Wong says.
