Singapore Prime Minister Lee Hsien Loong says 2023 is going to be a challenging year with an uncertain economic situation and geopolitical tensions in other parts of the world.
The international outlook “remains troubled”, says Lee, as he addressed the still ongoing Russia-Ukraine and the persisting U.S.-China tensions and mentioned China’s Covid-19 situation, saying: “How quickly China recovers from Covid-19 remains to be seen.”
He also says the U.S. and EU “may well enter recession”, which will affect Singapore’s economy while the country’s Ministry of Trade and Industry expects slower growth of between 0.5 to 2.5 per cent in 2023.
“We must brace ourselves for the uncertainties ahead. In such testing times, we must above all stay united as one people,” Lee says.