Govt won't intervene & cap prices despite high cost of living: PM Wong on S'pore not being a cheap place to live
Instead, the government will offer households targeted support.
Singapore's Prime Minister Lawrence Wong emphasized on Oct. 8 that the government will not intervene or cap prices despite the high cost of living in the city-state. Speaking at the 24th Forbes Global CEO Conference, Wong stated that ministers' salaries must remain competitive to attract good talent. He explained that while Singapore is not a cheap place to live, cost and incomes go hand in hand, and high incomes and low prices cannot coexist.
Wong pointed out that Singapore aims to ensure real incomes rise across all segments of society, particularly at the lower end, while aiming for income inequality to decrease. Regarding the semiconductor industry, Wong highlighted that Singapore makes 10% of the world's semiconductors and about one-fifth of the equipment used to make them.
He stressed that the economy has grown at 5% for the last three years, including 2026, and called it remarkable. Wong acknowledged that AI could potentially displace and affect jobs, but emphasized that Singapore is focused on protecting workers rather than jobs. He stated that Singapore is embracing unions as partners to create win-win outcomes and shared the benefits of AI widely.
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