At the 25th anniversary of Singapore’s Economist Service, Prime Minister Lawrence Wong emphasized the need for disciplined government intervention in the face of economic challenges brought on by artificial intelligence, global uncertainty, and economic disruption. Wong highlighted the importance of supporting individuals and businesses affected by these changes, protecting vulnerable groups, and ensuring that economic growth benefits are widely shared across society.
Addressing policymakers and economists, Wong stressed the necessity of basing policies on a thorough assessment of the issues, incentives, costs, and potential consequences. He underscored the importance of maintaining appropriate price signals in the economy while providing targeted assistance to households and businesses when needed.
Wong cautioned against crafting policies that solve immediate problems without considering their long-term effects, warning of the potential for unintended consequences. As technological advancements and global uncertainties continue to pose disruptions, he urged policymakers to maintain analytical discipline and base decisions on evidence and careful evaluations.
The Prime Minister’s remarks serve as a reminder of the complexities involved in policymaking amid rapid economic changes, emphasizing a balanced approach that considers both immediate needs and future implications.