Singapore not going to return to low inflation levels, says Lee

The world is not going to return to the low inflation levels and interest rates it has enjoyed in recent decades, according to the National Day message delivered by Prime Minister Lee Hsien Loong on Monday.

Singaporeans have to be prepared because the region may not be as peaceful and stable as it has been so far, he said on the eve of Singapore's 57th National Day.

The message was recorded at Gardens by the Bay and telecast on Monday.

While Singapore has weathered the test of the COVID-19 epidemic, the road ahead will not be easy and Singaporeans have to stand united, he said.

He gave the assurance that the Government is doing everything necessary to help people cope with rising prices.

In June, Deputy Prime Minister and Finance Minister Lawrence Wong announced a $1.5 billion support package to provide relief for more vulnerable Singaporeans affected by inflation. The Monetary Authority of Singapore has strengthened the Singapore dollar four times in the last few months to dampen imported inflation.

The Government is ready to do more to help Singaporeans if things worsen, he said. The basic reality is that international economic conditions have shifted. Singapore's response to this shift should be to transform its industry, improve skills and increase productivity, he said.