Singapore will become stronger and better from COVID19 crisis despite “immense challenges”: PM Lee in televised address
While Singapore can draw on its past reserves and does not have to borrow to fund its support measures, this level of spending cannot be sustained, Mr Lee said.
“It will no longer be so easy to take quick weekend trips to Bangkok or Hong Kong on a budget flight,” said Mr Lee.Countries will also try to become less dependent on others - especially for essential goods and services - and this will have strategic implications, he noted. Although trade and investment may shrink, Singapore is well-placed to connect itself to new opportunities and create new jobs because of the country’s economic strengths, international reputation built up over many decades, said the Prime Minister.
He said that Singapore also had a head start in preparing for the uncertainties ahead with its plans for economic transformation, investing in worker retraining and digitalising both the public and private sectors, as well as building innovation and R&D capabilities.
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