Singapore Prime Minister Lawrence Wong has emphasized the need for disciplined government intervention in the face of economic challenges posed by artificial intelligence, global uncertainty, and economic disruption. Speaking at the 25th anniversary of Singapore’s Economist Service, Wong underscored the importance of supporting workers and businesses affected by these changes, while protecting vulnerable groups and ensuring equitable growth.
Wong outlined that government policies must be grounded in a thorough assessment of problems, incentives, costs, and potential consequences. He stressed that maintaining appropriate price signals is crucial, and highlighted the significance of providing targeted assistance to households and businesses when necessary.
The Prime Minister cautioned against policies that aim to address immediate issues without considering their long-term impacts, warning of possible unintended consequences. With technological advancements and ongoing global uncertainty likely to cause further disruptions, Wong called on economists and policymakers to uphold analytical discipline and base their decisions on evidence and careful evaluation.