SINGAPORE – Dealing with the economic situation and its impact on Singaporeans is a key priority for the Government, said Prime Minister Lawrence Wong.

He also said he is focused on forming a new and strengthened team in Government to secure Singapore’s future.

In a video uploaded on social media on May 9, PM Wong said: “The election results have made it clear that Singaporeans want a team that combines experience with fresh perspectives to take our country forward.”

His update comes six days after an election in which the ruling PAP secured 65.57 per cent of the popular vote, and won 87 out of 97 seats in Parliament.

The election win comes amid turmoil in global trade and other crisis hot spots around in the world.

In April, US President Donald Trump announced wide-ranging tariffs that hit many nations in the world, including 10 per cent on Singapore.

A recent Singapore Business Federation survey found that four in five Singapore businesses are negatively affected by tariffs imposed by the United States, PM Wong said.

Three in four firms project a drop in revenues, and half of them said they are holding back on new hires for the next three months.

“So clearly, businesses are very concerned,” he said.

Workers and union leaders are anxious too, and graduating students are worried about the potential difficulties in securing jobs, he said.

That is why the Singapore Economic Resilience Taskforce, chaired by Deputy Prime Minister Gan Kim Yong, has been actively meeting to develop and flesh out response plans.

They will provide further updates when ready, he said.

“DPM Gan is also continuing his discussions with US counterparts, exploring constructive ways to further our trade relations with America,” he added.

Meanwhile, the Government will roll out the measures announced in this year’s Budget to help cushion the immediate impact on jobs and prices, said PM Wong.

These include more support for households, like additional CDC vouchers to be issued next week, and SG60 vouchers that will come in July, as well as enhanced support for businesses and workers.

Said PM Wong: “The ele...