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At the Rajaratnam Lecture on April 16, Prime Minister Lawrence Wong outlined Singapore’s foreign policy vision amid growing global instability. He warned that the world is undergoing a period of fragmentation and power transition, where traditional global order is breaking down and nations are increasingly prioritizing narrow self-interest.

Amid escalating US-China tariff tensions and rising global market volatility, the Singapore Dollar has shown notable resilience—briefly surpassing 5.5634 against the Chinese Yuan, its highest level since 1997. This article examines the key drivers behind the SGD’s strength, including policy stability, macro fundamentals, and Singapore’s safe-haven appeal, while also outlining potential headwinds and strategic considerations for businesses.

In Times of Volatility, “Liquidity is King” – Singapore Elevates Asset Strategy

On April 8, Singapore Prime Minister Lawrence Wong warned that the U.S.'s new reciprocal tariffs may signal the start of a global wave of protectionism. Beyond short-term industry impact, the move threatens the foundation of the multilateral trade system. Singapore remains committed to open trade and is preparing for an increasingly uncertain global environment.

Singapore won’t retaliate against new U.S. tariffs, but global trade tensions may still slow its economy.

According to the 2025 World Happiness Report, Singapore ranks 34th out of 147 countries, dropping four places from last year. However, it remains the happiest country in Southeast Asia, while Taiwan surpasses it as the happiest in Asia.

The Singapore Ministry of Manpower has updated work permit policies by removing the maximum employment duration and raising the work age limit to 63. The government has also expanded the list of non-traditional source countries and broadened job roles to include chefs and heavy vehicle drivers. Additionally, adjustments to the S Pass salary threshold and foreign worker levy aim to optimize workforce distribution.

Singapore’s Central Provident Fund (CPF) is the bedrock of the nation's social security system. From January 2025, the CPF Board will roll out eight key policy changes to help members grow their savings and better meet their retirement, housing, and healthcare needs.