S’pore must brace itself for difficult times ahead, but Govt will do more to help if needed: PM Wong

PM Wong encouraged companies to do what they can to support workers and help ease the burden on Singaporeans.

This ability to operate from a position of strength was built up over time, he noted.

Hard choices were made early – Singapore managed its finances prudently and built up its reserves, he added.

It also worked to strengthen its energy resilience, such as by reclaiming land to build Jurong Island and developing its refining and petrochemical industries. Underground storage was also created in the Jurong Rock Caverns.

PM Wong said: “We had no oil, no natural gas and no guarantee that any of this would work. But we pressed on and we built something that did not exist.”

Today, Singapore is a key node in global energy flows, and this gives the country a significant advantage, he said.

With the world’s leading energy companies refining, storing and trading oil here, Singapore is connected to diverse supply networks, which means that when one source is disrupted, others can be drawn on.

“That is the advantage we have built over decades – not by chance, but through deliberate choices, sustained effort and discipline,” PM Wong said. “We made this happen together.”

None of this runs on its own – behind all of it are the workers here, he said.

He reiterated that the Middle East crisis will not be over any time soon.

“We did well last year. But there is no time to rest. Unfortunately, the first storm has not passed fully. And already, another storm is upon us – and this one is more severe,” he said.

Besides supply disruptions persisting and potentially worsening, as well as inflation on essentials like food and energy rising globally, he warned that some economies may well slip into recession.

“Singapore will feel the impact directly,” he said, adding that growth in 2026 will slow and inflation will be higher. All this will put pressure on businesses, workers and households.

He also cautioned that even after the Strait of Hormuz reopens, it will not be an immediate return to normal as ports and energy infrastructure have been damaged and shipping lanes will need to be cleared of mines.

Confidence that it is safe for ships to sail through must be restored, he said.

“These things do not recover overnight. It will take months at least before the situation stabilises.”

As he concluded his speech, PM Wong said the road ahead with conflict, disruption and rapid technological change will not be easy.

“We are and will always be a small nation – exposed, vulnerable, with little margin for error. But what defines Singapore is this: We do not give up. We do not abandon one another,” he said.

He was moved to tears as he read out a forum letter published in The Straits Times in March, written by a Singaporean who was on a repatriation flight from the Middle East carried out by the Republic of Singapore Air Force.

Mr Nisar Keshvani had recalled how, in a moment of solidarity, applause broke out when the plane lifted off and passengers joined in singing Majulah Singapura.

The words “welcome home” were a promise, he wrote in the letter. “That wherever Singaporeans may be in the world, our nation will look after its own. And that is a promise worth protecting – generation after generation.”

PM Wong pledged that no Singaporean would be left behind: “Whether it is an energy crisis or the AI revolution – we will look after our own.”