SG must transform amidst shift in international economic conditions: PM Lee

To transform, Lee said Singapore should increase its productivity.

Whilst Singapore has implemented a lot of measures to counter rising inflation, Prime Minister Lee Hsien Loong said the country must address the shift in international economic conditions with a deeper response: transformation. 

In his National Day message, Lee said the world is unlikely to return anytime soon to low inflation levels and interest rates, which is why Singapore must raise its productivity and upgrade its skills.

"Then our wages can go up higher than inflation, and Singaporeans can earn more in real terms year by year," Lee said.

Lee, meanwhile, assured the public that the government is doing "everything necessary" to help Singaporeans cope with rising prices.

"We have announced multiple support packages, targeting assistance to those who need it most. Some measures have already been implemented, and more will be rolled out in the coming months," Lee said.

"We have acted decisively to secure supplies of food and other essentials, diversifying our sources and building up adequate stockpiles. I am also glad to see that companies and community groups have initiated their support programmes. By helping each other, Singapore can be Stronger Together," he added.

If things get worse, Lee said the government is ready to do more to help Singaporeans.