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Taking a longer view, economic growth in Singapore "has consistently delivered better jobs and higher wages for Singaporeans", despite worries about inflation and rising cost of living, and the occasional setback, the Prime Minister noted.
Singapore's outgoing Prime Minister, Lee Hsien Loong, delivered his "last major speech" before he steps down as the country's leader at the May Day Rally 2024 on 1 May (Wednesday), reflecting on key milestones under his leadership the past two decades, and what's in store for the country in the years ahead.
Acknowledging the efforts and foundations set by his predecessors — Lee Kuan Yew and Goh Chok Tong, the leader said he has "sought to build on these strengths" and that, working closely with Singaporeans, "we have improved everyone's lives."
Excerpts and highlights of the speech are shared below:
Improving systems
One key milestone, PM Lee shared, was a growth in the economy. "Over two decades, we have become much better off. Our strategies to transform and upgrade the economy worked. Investments in promising sectors, such as biotech, IT, transportation, and financial services, they paid off. Our economic base diversified. We climbed the value chain, going from factories and production lines to R&D in pharmaceuticals and nanotechnology.
"Now we are keeping up with dramatic breakthroughs in AI (Artificial intelligence)."
Singapore also expanded and deepened international trade partnerships and enhanced its role as a regional hub and a global node, he added, all of which attracted multinational companies to Singapore, and also helped Singapore companies to develop new markets overseas.
"From time to time, we encountered headwinds. Right now, the economy is growing, but everyone worries about inflation and the rising cost of living. The Government has expanded support measures, including CDC vouchers and many other forms of assistance and these have helped many households, and thankfully, inflation is gradually easing off.
"But despite these worries and occasional setbacks, taking a longer view, economic growth has consistently delivered better jobs and higher wages for Singaporeans. Our quality of life has improved across the board, including for those with lower incomes."
He shared further milestones that have been hit along the way, which include:
- The building of new HDB towns and high-quality public housing, with green spaces, schools, polyclinics, and community amenities.
- Rejuvenating older estates through upgrading programmes, keeping them up to date and fit for a more elderly population. For instance, some neighbourhoods now have 'Silver zones' and 'Friendly streets' to slow traffic down, as well as colourful block signs to help older residents remember their way home.
- An improved public transport system with more connectivity and better rail reliability. By 2030, the PM shared, eight in 10 households will be within a 10-minute walk of a train station.
- Healthcare has been made accessible and affordable for all. PM Lee said: "So if you have an emergency, the system is there to take care of you. If the country has an emergency, we will make sure that the system is there to take care of it too because we have kept our healthcare system up to scratch, we tuned it up after COVID-19 and we want to make sure that if another pandemic like COVID-19 hits us, we can be more assured that we will be ready to take the load and see us through safely."
- Providing students in schools multiple options and diverse pathways, which cater to a wider range of talents and interests, along with an education system that has taken on a "broader and more holistic approach", also promoting lifelong learning.
Elaborating on the education system, PM Lee noted that today, nearly half of each cohort of students graduates from one of Singapore's autonomous universities, equipped with marketable skills and ready to join the workforce. "They find jobs readily, often even before they graduate. Unlike many other countries, we have no youth unemployment problem, we have no graduate unemployment problem. Young people take up jobs that did not even exist in their parents’ generation.
"They become data scientists, machine learning engineers, carbon traders, novel food biotechnologists – that means you take a plant and you make it look like wagyu beef – UX designers, social counsellors, even e-sports coaches. You sit down, you become good at playing computer games, you can make a living. Not everybody but some will, and there are many different paths, and many different avenues for success.
"These are just some of the new opportunities and choices that young Singaporeans have to realise their dreams – whatever they may aspire to be."
Building inclusivity
Talking about efforts in place to foster inclusivity, PM Lee shared: "Even as the country progressed, we made every effort to leave no one behind. When I was sworn-in as PM, I promised to build a more inclusive Singapore: one where it is not every man for himself, but everyone working together to make things better for all of us. We innovated boldly in social policies, just as we did in education and healthcare."
He elaborated: "One of my earliest moves was to create Comcare, to bring together our many social programmes, enhance them further, and channel more resources to help the needy amongst us. We then launched Workfare to supplement the incomes of lower-wage workers, and later the Progressive Wage Model to level-up wages and skills in a sustainable way. KidStart now gives an extra boost to kids from disadvantaged homes. ComLink+ works with vulnerable families in rental flats, to uplift them and get them back on their feet.
"We strengthened other components of our social safety nets too: MediShield Life – to protect all Singaporeans against large hospital bills for life regardless of your health condition; CareShield Life – to provide basic financial support if you become disabled, and need long-term care; CPF Life – to improve retirement adequacy, and make sure that workers and their families will be provided for in old age; Silver Support – to help seniors who had lower incomes during their working lives, or perhaps they were homemakers; the Majulah Package – for 1.6mn Young Seniors who carry heavy family burdens; and we have taken care of the Pioneer and Merdeka Generations too, to whom we owe so much."
Another notable move he touched on was Mayor of Central Singapore District Denise Phua's co-founding of the Purple Parade movement, alongside activists and volunteers, which gathers thousands of individuals every year to support inclusion, and to celebrate the abilities of people with disabilities.
PM Lee commented: "Such ground-up initiatives have raised the quality and standing of the special education sector, and shifted public mindsets. Singaporeans have become more ready to step up to help those in need. There is less stigma attached to people with disabilities. Parents are more willing to accept that their kid has special needs, and to seek and receive intervention early on. People with special needs have many more enabling opportunities. And this is a big part of leaving no Singaporean behind."
Looking ahead
Looking to the future, PM Lee talked about some plans that are currently in the pipeline to take the country forward:
- A new megaport at Tuas and a new Terminal 5 at Changi, to strengthen Singapore's air and sea hubs.
- Reclaiming a Long Island along the east coast, to protect the country from rising sea levels, and create more land and another freshwater reservoir.
- Redeveloping Paya Lebar after relocating Paya Lebar Airbase, as well as the Greater Southern Waterfront after Port of Singapore Authority moves to Tuas, to create new spaces for future generations to live, work and play and accommodate a new NTUC Downtown South.
- Decarbonising the conomy to reach net zero carbon emissions, so the country can do its part to mitigate climate change. On this point, PM Lee commented: "It is going to be a very difficult journey, this last one, but we have to do it. I have no doubt that the next team and their successors will conceive more creative and ambitious projects, which will challenge us, inspire us, and take our country to the next level."
"These projects will take decades to come to fruition. They are acts of faith in Singapore’s future. Mr Lee Kuan Yew memorably said, shortly after independence: 'Over 100 years ago, this was a mudflat, swamp. Today, this is a modern city. Ten years from now, this will be a metropolis. Never fear.'
"This must forever be our mindset: thinking long term, working towards it with patience and determination, and building lasting strengths for Singapore, way beyond our own generation, for the next 50 years, for the next 100 years."
Towards the end of his speech, the Prime Minister acknowledged that looking ahead, there are "certainingly dark clouds on the horizon", but many opportunities as well. "Even in a deglobalising, distrustful world, countries still have to find some way to work with one another. When rivals harbour doubts about one another, trust¬worthiness commands a premium, and Singapore can be a trusted partner.
"When countries find it hard to maintain a steady path, and decide every few months to change directions and switch leaders, Singapore’s stability and predictability is a tremendous advantage."
Importantly, he affirmed: "We have built a strong foundation for our future generations: with adequate reserves to tide over extreme difficulties; with international respect that gives us a seat at the table; with a cohesive society that hangs together in the darkest hours; and a vibrant and inclusive economy that creates opportunities and hope for all Singaporeans.
"Make the most of these advantages. Never throw them away. Stay united, think long term, and maintain our political stability. That is the way forward for Singapore."
The coverage above brings together excerpts of PM Lee's speech. Head over here for the full transcript and a video playback of the speech.
ALSO READ: Leadership transition: Singapore's Prime Minister Lee Hsien Loong to step down as PM on 15 May 2024
Photo: PMO newsroom
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