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Prime Minister Lee Hsien Loong said that he is "cautiously optimistic" for 2022, and that Singapore's economy is "on an even keel", projecting 3 to 5 per cent economic growth this year.

"So that means that we should be alright," he said.

Notwithstanding the economic growth, PM Lee also acknowledged that some sectors, such as the food and beverage, tourism and entertainment sectors, will have difficulties.

PM Lee made the remarks during a visit to Jurong Point Mall earlier today (Jan. 31) as part of the annual tradition of visiting workers on Chinese New Year, organised by the National Trade Union Congress (NTUC), to thank them for providing essential services during the holiday.

The tradition dates back to 1999.

Singapore need to keep a close watch on developments of other countries: PM Lee

PM Lee also said that Singapore would need to "remain cautious" and keep a close watch on the developments of other countries.

He pointed out that China's economy remains the one to watch, despite the growth of the American and European economies.

"What you do not know is what will happen in China because they are still on the zero-Covid policy," he said.

"It takes a great effort for them to sustain this. And it may have an impact on the economy beyond what is expected, in which case it could affect us too - so we have to watch that," he added.

As for America and Europe, PM Lee had positive views.

"I think [the economic outlook] is not bad, because America's economy is quite strong – still growing well. Europe is a bit more guarded, but they are also growing," he said.

He noted that the Omicron wave is "an uncertainty", but by looking at the cases in the developed countries, PM Lee said that the number of cases has gone up quickly and is coming back down quite fast.

"Hopefully, that means the economy can continue going without being disrupted too much," he said.

PM Lee added that Singapore will continue to progressively re-open borders and resume business with Singapore's neighbours in the region.

Sacrifices of workers allow Singaporeans to enjoy the holidays

During his visit to Jurong Point Mall, PM Lee had a chance to meet with taxi drivers, food delivery riders, and retail staff.

He highlighted that their hard work and sacrifices allow Singaporeans to enjoy the holidays with loved ones.

PM Lee was accompanied by NTUC leaders, including the movement's president, Mary Liew, and central committee members and union leaders.

During the visit, they presented Chinese New Year gift bags to the workers, including red packets, mandarin oranges, hand towels, vacuum flasks and face masks.

"We're all hoping for a better year ahead this year": PM Lee

He said that he had the chance to talk to some taxi drivers, and they told him that they had been significantly affected by Covid-19 as people are working from home and there are not a lot of tourists coming in now.

"That's a significant impact on their income," he said.

Nonetheless, with the government's schemes and the efforts to adjust, he believes that the taxi drivers are "all coping".

"We're all hoping for a better year ahead this year, in the year of the tiger," he said.

NTUC will assist drivers, delivery riders with "more possibilities": Ng Chee Meng

NTUC secretary-general Ng Chee Meng was also present during the visit.

He said that he was "relieved" that the economy is recovering and that the lives of the union members are "improving".

"I'm also glad that the gradual economic recovery is bringing back livelihood possibilities for many of our workers," he added.

For drivers and delivery workers, Ng hoped that NTUC will be able to assist them "with even more possibilities". These include areas such as workplace injury insurance.

"We will always be alongside our drivers and riders to give them our full support," Ng added.

Top image via Lee Hsien Loong/Facebook