Singapore has made remarkable progress in building a prosperous, harmonious multicultural nation, and we are now an advanced society. In my opinion, with the ongoing political tensions across the globe and the impact on businesses, companies big or small will start taking cost-cutting measures such as re-organisation and tightening spending and investments. If these global uncertainties are in for the long haul, it is inevitable that the job market will shrink, and this will be a problem for our graduates and the unemployed. These, coupled with rising living standards, will create potential challenges for our people.
Therefore, it is extremely important to build core capabilities and strengthen our domestic infrastructure. When we have strong fundamentals and a strong team, it will be harder for any headwinds to create an impact. There will always be opportunities even in the worst of times. We have to stand united as we navigate through this journey for innovation and growth.
Congratulations on Singapore's 54th National Day! Best wishes for a year filled with peace, success and happiness.