SINGAPORE (Bloomberg): Singapore is benefiting from the rapid growth of artificial intelligence, and the government is making use of the technology to ensure higher productivity and better jobs for workers who are worried about their livelihoods, Prime Minister Lawrence Wong said.
The current administration is re-looking at its approach to industry and trade, and ways to strengthen the city-state’s competitiveness, Wong said in a National Day message Saturday on the eve of the country’s 61st year of independence.
"Breakthroughs are creating opportunities that were unimaginable just a few years ago, even as they raise new challenges and questions,” he said. "We cannot stand still while others move ahead. But neither should we accept every new technology uncritically. Singapore will embrace these advances on our own terms.”
Wong also said he will unveil measures this month to help families dealing with rising costs of taking care of children and the elderly as the country struggles with a fertility rate at an all-time low.
"Across the world, family life is coming under greater strain,” he said. "We hear these concerns in Singapore too. Many families are stretched as they juggle these competing demands.”
The remarks come as officials warn external volatility and technological shifts continue to pose risks to Singapore’s trade-reliant economy. Wong has repeatedly said the government would support households through elevated living costs while maintaining fiscal discipline.
There will also be stronger safeguards to protect children as they "navigate the digital world safely and responsibly,” he said.
The city-state’s economy remains particularly exposed to shifts in global demand and broader supply chain realignments.
Still, it is on track to outperform the government’s own full-year growth forecast as global demand for artificial intelligence-related electronics continues to offset geopolitical headwinds.
Gross domestic product in the second quarter grew 5.7% from the previous year, slower than the 6.3% in the preceding quarter, according to advance estimates. The Ministry of Trade and Industry’s latest full-year growth projection stands at 2%-4%.
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