The Singaporean government assures that the city-state will never be the same again and that it is necessary to prepare to chart a new path.
In a press conference, the Trade and Industry Minister Chan Chun Sing, assured that Singapore will never be the same after Covid-19, and that we must prepare to chart a new path.
“If we wait it out, we will likely be in worse shape than we are now,” said Minister Chan Chun Sing.
The government representative added that the city-state must now begin to build a new economic model and create more and better job opportunities for people.
The Singaporean Trade and Industry Minister described the situation as painful and considered that recovery amid recurring waves of infection can take time.
These statements came amid the announcement that the economy contracted 6.7 percent in the first half of this year.
He also highlighted that this situation is different from that experienced in the Asian financial crisis in 1998 or in the global financial crisis of 2009.
The new World
The Trade and Industry Minister emphasized that in the last 50 years the geopolitical environment has allowed Singapore to prosper and that today great changes have happened in the world.
He noted that currently competition between major powers influences not only politics, but also trade, technology and security.
At the same time, Chan Chun Sing said that global companies are reorganizing their production and supply chains, evaluating the possibility of a regional headquarters.
Which in his opinion means that, while new investments can go to Singapore, existing ones can migrate to other countries.
So he warned that if they don’t adapt quickly to the changes that are being generated, they may be more affected.
Finally, he said that jobs have changed and remote work means that those in other countries can do Singaporeans’ work from their homes.