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Prime Minister Lee Hsien Loong: Singapore's economy has avoided recession.

Prime Minister Lee Hsien Loong in a photo provided by the Singapore Ministry of Information and Communications on December 31. Photo: MCI

Singapore's economy grew by 1.2% in 2023 to avoid recession, Prime Minister Lee Hsien Loong said in his New Year's message on December 31. However, he pointed out the challenges ahead as geopolitical uncertainties continue to weigh on the global economy.

"In the coming years, we may face an external environment that is less favorable to our security and prosperity," he said, referring to tensions in the South China Sea and the Taiwan issue. "These could affect confidence in the region and, consequently, impact our growth."

He argued that climate change would also have an impact on the economy. " Climate change will pose major challenges for every country. We are already feeling its effects," he said.

"But we also have reason for hope and confidence. Rapid technological advancements, particularly in artificial intelligence and robotics, open up potential opportunities for our businesses and people. The government will work closely with businesses to upgrade and transform their operations. The government will also coordinate with partners to support all Singaporeans in upgrading and retraining their skills, so that everyone can actively pursue careers, making them valuable to employers and giving them a competitive edge," Prime Minister Lee Hsien Loong emphasized.

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