The government will simplify compliance and regulatory processes to trim business costs, he said in Mandarin during his first National Day rally address on Sunday.

Wong, who has also served as finance minister since 2021, has viewed addressing persistently high living costs faced by Singaporeans as a top priority and pledged to cushion the impact of inflation with support measures including cash handouts.

The economy is forecast to expand between 2% and 3% this year owing to resilient external demand. Second-quarter growth was driven by the finance and insurance, and information and communications sectors.

The prime minister pledged this month to “redouble efforts” to strengthen social safety nets for the most vulnerable citizens.

That was followed by an announcement that more than 2.4 million Singaporeans would receive a cash payment of S$200 (US$152) to S$400 in September as part of the budget passed earlier this year.