[SINGAPORE] A key priority for the newly-elected government is to deal with the economic situation and its impact on Singaporeans, said Prime Minister Lawrence Wong in a video posted the week after the May 3 general election.

“The elections are over, and my team and I are busy back at work this week,” he said in the video posted on Friday (May 9) night.

He noted that businesses “are very concerned” about the economic situation, citing a Singapore Business Federation survey in which four in five Singapore businesses said they were negatively affected by US tariffs.

Three in four expect their revenues to decrease, while half of respondents said they would hold back on new hiring in the next three months.

“Workers and union leaders are anxious too,” said PM Wong. “And I know graduating students are also worried about the potential difficulties in securing jobs.”

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 our response plans”, he said, adding that it will provide updates when ready.

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