SINGAPORE, Nov 6 — While he has often been asked when the next General Election or leadership succession will take place, Deputy Prime Minister Lawrence Wong said today that the real question is how the People’s Action Party (PAP) prepares for the fight with Singapore "on the cusp of a new era in history”.

In his speech at the party’s biennial conference, held at Resorts World Sentosa Convention Centre and attended by over 3,000 party members, Wong pointed out the macro challenges Singapore is facing, the first being high inflation.

He said that over the last three decades, Singapore has become accustomed to a world of low inflation and low interest rates, but it is entering a "sustained period of higher prices”.

Singapore has also become accustomed to a globalised world with free flow of trade and investments, he added.

"Now, all that is set to shift, if not reverse,” he said, pointing to the emergence of a new cold war between the United States and China, that "will be more dangerous” than the first cold war.

"Because the two great powers are more economically integrated, and there’s no easy or painless way to decouple their economies.

"When one country seeks to enhance its security, it makes its rival more insecure. This will create a downward spiral of distrust that causes relations to deteriorate further.”

All this will only be worsened by the existential challenge of climate change, said Wong.

"Already, we are seeing more extreme weather events all over the world. Countries are also scrambling for the resources they need to meet their climate targets.”

Additionally, Singapore is facing domestic challenges too, said Wong.

"Our economy is maturing, our population is ageing and our needs are continuing to grow,” he said.

"All these challenges will ultimately affect social cohesion — we can see for ourselves what has happened in many other places, including so-called first world parliaments.

Adding that it is important to build consensus and maintain the solidarity that has been seen throughout this crisis, Wong said this is why his first priority after becoming DPM was to launch the Forward Singapore exercise.

Among the objectives he wants to achieve from this exercise is to help all Singaporeans of all backgrounds to realise their full potential and share in the country’s success as well as to increase the sense of solidarity and responsibility in the society.

"So it’s not just about the Government doing more. It’s also about all of us coming together — everyone playing their part to achieve our shared goals.” — TODAY