As Singaporeans, National Day is a time to reflect on the remarkable journey of our nation. We went from a small trading port with no natural resources to a global economic powerhouse. Our forefathers built this nation with far-sighted vision, resilience, and an unshakable belief in creating a future of opportunity and stability for generations to come.

Today, as we mark another National Day this SG60, we face a world that is more complex and unpredictable than ever before. But it is precisely in moments like these that the lessons from our founders and the insights from our leaders matter most.

When Singapore gained independence in 1965, the path ahead was uncertain and filled with challenges - geopolitical tensions, economic vulnerability, and the constant pressure to prove ourselves on the world stage. Yet, our leaders charted a course with clear-eyed pragmatism and long-term thinking:

• Building a resilient economy: Diversifying trade, investing in infrastructure, and attracting foreign investment to reduce dependency on any single market.

• Strengthening social cohesion: Promoting multicultural harmony and unity to create a stable society attractive to global talent and businesses.

• Creating a meritocratic system: Encouraging innovation, education, and skills development so Singaporeans could compete in a fast-changing world.

Fast forward to today, and we confront a different kind of uncertainty, a global economic landscape reshaped by rising protectionism, geopolitical tensions, and shifts in trade alliances.

“It goes beyond tariffs.

So for example China has restricted rare earth exports. You don't want me to sell you goods? Okay, I will not buy your goods is one thing, but I will also restrict imports of Hollywood films.

I won't watch Disney, I will watch Nezha 2. Some people say don't get excited, don't overblow the issue.

We've weathered bigger storms before, we haven't failed and it's true, we shouldn't get excited, we should take it in our own stride, but we do need to be concerned and to understand what is happening and what this means for us.”

• The dismantling of the Most Favoured Nation (MFN) system: In the past, Singapore thrived because the global trading system was based on MFN — a level playing field where countries, large or small, had predictable, fair access to markets.
• Move towards reciprocal tariffs: The US and others now push to replace MFN with reciprocal tariffs, which puts small countries like Singapore at a disadvantage, lacking bargaining power.
• Impact on growth: The Ministry of Trade and Industry (MTI) has revised Singapore’s growth forecast down to 0-2% for this year, signalling slower economic momentum and the possibility of recession in the medium term.
• A less friendly global environment ahead: Over the next 5 to 10 years, Singapore must prepare for a world where economic competition is tougher and alliances less reliable.

Just as our forefathers faced an unpredictable world, we must embrace resilience, adaptability, and long-term planning now more than ever:

• Diversify your portfolio and investments: Don’t rely on one market or sector. Look beyond traditional geographies and consider emerging opportunities.
• Invest in knowledge and skills: Continuous learning will be crucial to navigate economic shifts and identify resilient growth areas.
• Stay informed and strategic: Understanding macro trends helps you position yourself ahead of downturns and capitalize on recovery phases.
• Value community and trust: Just as Singapore’s social fabric helped withstand crises, building strong networks and partnerships can be your anchor in uncertain times.

Singapore’s story is one of foresight, courage, and collective effort. Our forefathers prepared us not just for the world they knew, but for the unexpected challenges ahead. As we celebrate National Day and SG60, let’s honour their legacy by adopting the same mindset: staying calm but alert, grounded but forward-thinking.

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