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Economics

Singapore PM Warns Inflation, Interest Rates Could Remain High

  • Industry change, productivity gains needed to boost wages
  • Singapore needs to be prepared for geopolitical instability
Lee Hsien Loong

Lee Hsien Loong

Photographer: Eric Lee/Bloomberg

With inflation and interest rates set to stay high, Singapore is prepared to increase support measures to help deal with the increased cost of living, Prime Minister Lee Hsien Loong said.

“The world is not likely to return anytime soon to the low inflation levels and interest rates that we have enjoyed in recent decades,” Lee said in a televised message Monday on the eve of the country’s National Day. “I know the cost of living is at the top of everyone’s minds.”