"Brace ourselves for the uncertainties ahead", PM Lee tells Singaporeans

According to him, the international outlook "remains troubled."

"The Russia-Ukraine conflict continues, with no good outcome in sight. US-China tensions are likely to persist. How quickly China recovers from COVID-19 remains to be seen, while the US and EU may well enter recession," said the prime minister.

With that global situation, Lee noted that Singapore's economy will be affected.

In such testing times, Lee said Singaporeans "must above all stay united as one people."

Lee highlighted that his deputy prime minister Lawrence Wong and the fourth generation (4G) team have been busy with the Forward Singapore discussions, partnering with Singaporeans to refresh their social compact and chart new directions forward.

Many Singaporeans, he said, have gone beyond actively sharing their feedback and views, and stepped forward to volunteer in areas where they can contribute and partner with the Government.

"This collective sense of ownership and responsibility is crucial to renewing and strengthening our social compact.

"We look forward to the outcomes of the discussions, and to completing the exercise in the second half of next year," he said.

The prime minister applauded that Singapore has weathered the COVID-19 pandemic safely and emerged stronger.

"Our COVID-19 response has enhanced our international standing. There is great interest in Singapore (with) many businesses and individuals wanting to set up shop here and in the region. We must seize the moment.

"Welcome promising investments and talents of all nationalities to Singapore, while building up our own skills and capabilities, venturing forth to chase our dreams in the region and the world," he said.