Despite its fading status as a global business hub due to economic decline, Singapore must be on the hunt to revive its lost glory and aim to become a top-ranking global city again, said Prime Minister Lee Hsien Loong in Parliament on Wednesday.

According to him, the city must make its living “as a global city and an international hub”. In recent years, Singapore’s status as a business hub has suffered a setback.

Loong, however, is still bullish on reviving its yesteryears' glory. The city's survival depends on it being able to do business with the world, he said. “So our strategy must be to double down on staying open and connected," Lee said.

He gave this sobering reality check on the third day of the debate on the President’s address, during which Members of Parliament (MPs) flagged other concerns such as rising business costs, and advocated on behalf of groups such as seniors, youth, and singles.

The decline of globalisation is one of three “storms” in an unprecedentedly grave global situation, said PM Lee. To survive, Singapore must stay united and self-reliant, as well as uphold its strong reputation, he stressed.

He laid out the external challenges. The Republic’s relations with its immediate neighbours, Indonesia and Malaysia, are “stable and encouraging”, but further afield, the situation is grim.

“Singaporeans need to realise the gravity of the external situation,” he warned. “We are facing not just one storm, but several.”