The world economy is facing challenging times, but Singaporeans will be able to weather the storm with the right tools and mindset, said Prime Minister Lee Hsien Loong.

Speaking at the Teck Ghee National Day celebration dinner on Sunday, 25 August 2019, PM Lee emphasised the importance of workers learning new skills to stay relevant in a changing economy, and older workers continuing to receive new training.

“These are things which will help companies… which will help all of us in Singapore weather economic difficulties and to do well when conditions get better,” said PM Lee.

PM Lee reiterated that the government will respond not just with stimulus, with relief packages, “but also with training, with upgrading, and with transformation of companies.”

At the National Day Rally, a week earlier, PM Lee talked about the Singapore economy, the global uncertainties and the challenges facing the nation and its people. 

Separately, Minister for Trade and Industry Chan Chun Sing cautioned that Singaporeans need to be prepared for the worst-case scenario whereby the world fragments.

At a dialogue organised to gather public feedback on the recent National Day Rally on the same day, Mr Chan said, “Be it in the trade, production, or digital space, we will have to ask ourselves, how can we overcome these challenges and play a constructive role, a positive part in this.”

Referring to the ongoing US-China trade war as a challenge, Mr Chan stated that observers see it as an opportunity for Singapore to position itself carefully, to ride the waves of change.