PM Wong on why Singapore doesn't cap prices despite the high cost of living

Singapore is not a cheap place to live, Prime Minister Lawrence Wong acknowledged, in response to a remark by Forbes chairman Steve Forbes.

Speaking at the Forbes Global CEO Conference, PM Wong explained why Singapore's government does not cap prices to tackle the high cost of living, warning that doing so could lead to unintended consequences, including supply shortages.

Instead, he said the focus is on ensuring real incomes continue to rise, particularly for lower-income Singaporeans, while providing targeted support through utility rebates and cash assistance to help households cope with higher costs.
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