Singapore’s growth ‘ought to be stronger’ in 2024; more support for parenthood to come: PM Lee

DESPITE uncertainties, it still looks like Singapore’s economic growth in 2024 “ought to be stronger than last year”, Prime Minister Lee Hsien Loong told reporters on Friday (Feb 9), at his annual Chinese New Year visit to workers.

After “a steady year” in 2023, Singapore’s growth is hoped to be stronger this year – but this depends on whether the United States can cool its inflation and avoid a recession, and whether China’s economy will revive strongly, said PM Lee.

Another factor is the electronics sector, “which is showing signs of revival – and we are experiencing it”, he added.

“So there are positive signs but there are also uncertainties,” he concluded, noting that the Ministry of Trade and Industry will eventually update its estimate of full-year growth, which is currently 1 to 3 per cent.

PM Lee was responding to a question on whether the official growth forecast might be revised downwards, after the National Trades Union Congress (NTUC) and the Singapore National Employers Federation (See *Amendment note) said earlier this week that businesses and workers are anxious about the economic outlook for 2024.

This was on the sidelines of a visit to Ng Teng Fong General Hospital and Jurong Community Hospital, where he greeted some 60 healthcare workers on Chinese New Year’s Eve, alongside NTUC leaders. This festive visit is a tradition by the labour movement.

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Responding in Mandarin to another question about the economy, PM Lee cited several reasons that growth is expected to improve: the recovering manufacturing sector; a strong construction pipeline; and continued recovery in services and tourism.

Given increased flights with China and the new mutual visa-free travel arrangement, tourism should grow and provide a boost to sectors such as services, retail as well as food and beverage, he added.

Asked about cost-of-living concerns, PM Lee said that even as inflation is expected to ease further, the government will continue to support households through schemes such as Community Development Council Vouchers and utility rebates.

As for supporting couples in their marriage and parenthood aspirations, PM Lee hinted at “good news” to come in Budget 2024.

Noting earlier moves in areas such as preschool, flexible work arrangements, baby bonuses and child-related leave, he said: “We have some ideas to do more on all these counts.”

“Deputy Prime Minister Lawrence (Wong) and his team have been working hard at it... I think I should leave him to announce good news,” he added.

Repeating the call in his annual Chinese New Year message for parents to consider having a child in the Year of the Dragon, he said: “I hope that the possibility of having a ‘dragon baby’ will encourage more couples to give it a go.”

During his visit, PM Lee distributed Chinese New Year gift bags to allied health professionals, doctors and nurses, and participated in lo hei celebrations. He also listened to workers’ presentations on how the hospital has streamlined its processes through technology.

Asked why a hospital was chosen for this annual visit, PM Lee said he wanted to show his appreciation for the staff, who were under significant pressure during the Covid-19 pandemic and still face a heavy workload post-pandemic, due to Singapore’s ageing population.

NTUC secretary-general Ng Chee Meng, who accompanied the prime minister on his visit, said the union is doing its best to improve the working conditions of nurses.

For instance, NTUC’s Company Training Committee grant has helped the hospital introduce an inventory management system, which has reduced the nurses’ workload by up to 50 per cent. “We hope through the Company Training Committees, we can continue to create such win-win-win possibilities, even in the healthcare sector,” he noted. Using technology improves productivity for the hospital, improves workload for nurses and, in turn, allows them to provide better care for patients, he said.

Amendment note: This article has been edited to reflect the correct name of the organisation.