GE2025: Global economic uncertainty is no ordinary storm but tidal wave of change, says DPM Gan
DPM Gan Kim Yong said the uncertainties the nation is facing will have long-term implications for Singapore as a trading hub.ST PHOTO: KEVIN LIM
Ng Keng Gene and
Harith Mustaffa
Apr 27, 2025
SINGAPORE – The global economic uncertainty triggered by the United States’ move to impose tariffs on its trading partners is no ordinary storm but a tidal wave of change, said Deputy Prime Minister Gan Kim Yong.
Speaking at a PAP rally at Yusof Ishak Secondary School on April 26, Mr Gan questioned critics who said the ruling party’s reaction to the American tariffs is overblown.
He added that the uncertainties the nation is facing will have long-term implications for Singapore as a trading hub.
He said: “Some have said the PAP’s reaction to the US tariff announcement is overblown, that we are sending a message of fear, and there is no need to worry because Singapore has weathered bigger storms before.
“But really, are you sure this is just another storm? This is no ordinary storm. This is a tidal wave of change.”
Singaporeans are worried, and businesses are feeling the impact of market uncertainties, with some multinational corporations (MNCs) rethinking their investment plans and their presence in the country, he added.
“Supply chains may be further reconfigured. And with these uncertainties, businesses have paused their investments and have also slowed down their hiring,” said Mr Gan, 66, who is also the Trade and Industry Minister.
Many people are wondering about job security, but there is no need to fear, he added. The Government, he said, rolled out a “comprehensive Budget” earlier this year to help Singaporeans face the uncertainties ahead.
For instance, Singaporeans looking for jobs can tap schemes like
the SkillsFuture Jobseeker Support scheme and career conversion programmes.
Mr Gan said: “We may not be able to save every job, but we intend to protect every worker. We will uplift you, we will help you bounce back stronger than before.
“As Prime Minister Lawrence Wong promised, we will do more if necessary. The PAP has your back.”
Although it is election season, the work of governing Singapore continues, and the PAP government is clear on what it needs to do, added Mr Gan, who
chairs the Singapore Economic Resilience Taskforce that aims to help navigate the uncertainties caused by US tariffs.
Trade talks with his American counterparts are ongoing, he said, and this is possible because of the longstanding ties the PAP government has with the US administration.
“They know us and they trust us, and this mutual trust is most critical in times of crisis, for us to be able to come together, to talk with one another and to negotiate.”
He added that the Americans are prepared to find a way to get Singapore’s critical exports to the US.
He did not provide further details on trade talks because of the need for confidentiality.
Mr Gan made his foray into politics in 2001 and is an incumbent Chua Chu Kang GRC MP. He was
moved to helm the PAP team in Punggol on Nomination Day, in a last-minute surprise move.
He was the last speaker at the rally, rounding off a slate that included Senior Minister Teo Chee Hean and members of the PAP team for Punggol – Ms Yeo Wan Ling, Ms Sun Xueling and Dr Janil Puthucheary.
They are facing off against a WP team made up of four first-time candidates. They are: senior counsel Harpreet Singh, advertising tech firm senior director Alexis Dang, legal counsel Alia Mattar, and Mr Jackson Au, senior manager of corporate affairs and marketing with the London Stock Exchange Group.
Speaking to reporters after submitting his nomination papers on April 23, Mr Gan said that although he is new to Punggol, he is a “fast learner”, and will “learn as fast as I can”.
He said at the rally that in the last three days of campaigning, he had met residents from all walks of life to better understand their aspirations, desires and concerns, and observed three things about Punggol.
First, it has many multi-generational families. Second, residents have a strong sense of ownership and connection to the town. Third, Punggol has been designed creatively, allowing residents to work, live and play in it.
“Punggol is a ‘wow’ town,” he said.
The town has, in under two decades, become a shining model for the heartland, and a neighbourhood that many young families can be proud to call home.
He said: “We are a young and growing new town. There is much we have done together, but yet there is much more that we can work and do together, with you, and for you.”
For instance, residents have asked him for more covered linkways, he said.
“I will talk to my good friend, Prime Minister Lawrence Wong, who is also Finance Minister, to see if we can get more money to build some of these necessary infrastructure,” he said.
The project will involve significant work with various agencies and the town council, he added.
Asking for residents’ support, Mr Gan said Dr Janil, Ms Sun and Ms Yeo have nearly 30 years of combined experience in running a town council, and he brings another 24 years to the mix.
Dr Janil, 52, who is an incumbent Pasir Ris-Punggol MP, said the team does not believe in making unbelievable promises, but has a humble understanding of the hard work and determination to serve the people.
Ms Sun, 45, who has overseen Punggol West since she entered politics in 2015, said there were no facilities in the estate when she became an MP a decade ago.
As she wanted to make sure children in Punggol had as good a start as the other children in the rest of Singapore, she started a container library.
She said: “In Punggol, we spare no effort in galvanising community resources. We want to create conditions for our children to thrive and to flourish.
“Recently, I updated our Punggol parents that we will have a new primary school, a new secondary school and a junior college in Punggol.”
Ms Yeo, 48, who is seeking a second term in Parliament, said she has spoken up for platform workers, many of whom live in Punggol.
She said: “They deserve fair compensation, injury protection and adequate CPF contributions. And these issues aren’t abstract policy matters to me.
“They are about real people in Punggol whose dignity and livelihoods are at stake – that is the perspective I bring to Parliament.”