[{"@context":"https:\/\/schema.org\/","@type":"NewsArticle","@id":"https:\/\/thehomeground.asia\/destinations\/singapore\/singapore-will-not-return-to-pre-covid-days\/#NewsArticle","mainEntityOfPage":"https:\/\/thehomeground.asia\/destinations\/singapore\/singapore-will-not-return-to-pre-covid-days\/","headline":"Singapore Will Not Return to Pre-COVID days","name":"Singapore Will Not Return to Pre-COVID days","description":"In a press conference held on Tuesday (11 Aug), Trade and Industry Minister Chan Chun Sing announced that Singapore needs to move in another direction, after describing the nations \u201cworst quarterly performance on record\u201d. The Ministry of Trade and Industry (MTI) now expect a year-on-year contraction of 5% and 7%, compared to the initial 4% […]","datePublished":"2020-08-16","dateModified":"2022-04-15","author":{"@type":"Person","@id":"https:\/\/thehomeground.asia\/author\/tricia-lim\/#Person","name":"Tricia Lim","url":"https:\/\/thehomeground.asia\/author\/tricia-lim\/","identifier":71,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/9e1a1cd2426a2adfc25039c9612619687925cf2cec7aebcdfcc5b783f40d9872?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9e1a1cd2426a2adfc25039c9612619687925cf2cec7aebcdfcc5b783f40d9872?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"TheHomeGround Asia","logo":{"@type":"ImageObject","@id":"https:\/\/thehomeground.asia\/wp-content\/uploads\/photo_2021-07-22-222533.jpeg","url":"https:\/\/thehomeground.asia\/wp-content\/uploads\/photo_2021-07-22-222533.jpeg","width":640,"height":640}},"image":{"@type":"ImageObject","@id":"https:\/\/thehomeground.asia\/wp-content\/uploads\/1597587626510_Singapore_Will_Not_Return_to_Pre-COVID_days.jpg","url":"https:\/\/thehomeground.asia\/wp-content\/uploads\/1597587626510_Singapore_Will_Not_Return_to_Pre-COVID_days.jpg","height":900,"width":1600},"url":"https:\/\/thehomeground.asia\/destinations\/singapore\/singapore-will-not-return-to-pre-covid-days\/","video":{"@context":"http:\/\/schema.org\/","@type":"VideoObject","@id":"https:\/\/www.youtube.com\/watch?v=gb6kTJWRTL8#VideoObject","contentUrl":"https:\/\/www.youtube.com\/watch?v=gb6kTJWRTL8","name":"Singapore's economy hit hard by COVID-19 measures, needs to \"chart new direction\": Chan Chun Sing","description":"\"The forecast for 2020 essentially means the growth generated over the past two to three years will be negated,\" Trade and Industry Minister Chan Chun Sing said on Tuesday (Aug 11), after the Singapore economy posted its worst quarterly performance on record. \n\n\u201cThe numbers reflect the impact of COVID-19, as well as deeper forces reshaping the global economy and our position in the global value chains,\u201d he said. https:\/\/cna.asia\/3gMj5lz\n\n#COVID19 #coronavirus\n\nSubscribe to our channel here: https:\/\/cna.asia\/youtubesub \r\n\r\nSubscribe to our news service on Telegram: https:\/\/cna.asia\/telegram\r\n\r\nFollow us:\r\nCNA: https:\/\/cna.asia\r\nCNA Lifestyle: http:\/\/www.cnalifestyle.com \r\nFacebook: https:\/\/www.facebook.com\/channelnewsasia\r\nInstagram: https:\/\/www.instagram.com\/channelnewsasia\r\nTwitter: https:\/\/www.twitter.com\/channelnewsasia","thumbnailUrl":["https:\/\/i.ytimg.com\/vi\/gb6kTJWRTL8\/default.jpg","https:\/\/i.ytimg.com\/vi\/gb6kTJWRTL8\/mqdefault.jpg","https:\/\/i.ytimg.com\/vi\/gb6kTJWRTL8\/hqdefault.jpg","https:\/\/i.ytimg.com\/vi\/gb6kTJWRTL8\/sddefault.jpg","https:\/\/i.ytimg.com\/vi\/gb6kTJWRTL8\/maxresdefault.jpg"],"uploadDate":"2020-08-11T03:23:53+00:00","duration":"PT11M4S","embedUrl":"https:\/\/www.youtube.com\/embed\/gb6kTJWRTL8","publisher":{"@type":"Organization","@id":"https:\/\/www.youtube.com\/channel\/UC83jt4dlz1Gjl58fzQrrKZg#Organization","url":"https:\/\/www.youtube.com\/channel\/UC83jt4dlz1Gjl58fzQrrKZg","name":"CNA","description":"Welcome to the official CNA YouTube channel.\n\nBased in Singapore, CNA covers global developments with an Asian perspective. 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However, the nation\u2019s quarterly gross domestic product (GDP) declined by 13.2% year on year in April through June, a sharp 0.3% decrease from the first quarter. The MTI informed that \u201cthe outlook for the Singapore economy has weakened slightly since May\u201d.The anticipated return to the old normal is hoped for by many. Unfortunately, quick recovery and return to the ways of the past are gone. The \u201cpainful truth\u201d is that \u201cwe are not returning to a pre-COVID-19 world\u201d and that recovery will be slow and unlikely to be smooth sailing.\u00a0\u201cWe can expect recurring waves of infection and disruptions,\u201d he said.\u00a0Mr Chan also highlighted a few global changes that Singapore has to anticipate. The geopolitical landscape that provided Singapore with the opportunity to grow and thrive in the last five decades has changed, due to tensions amongst the major powers. He highlighted that Singapore has to avoid being between the conflicts of major powers.\u00a0\u201cWe must avoid being caught between the conflicts of major powers or be stranded in a fragmenting world of trade relations and technological standards,\u201d he added.The global landscape has changed irrevocably, with global companies reorganising their production and supply chains. Some companies are also reviewing the need for regional hubs and the way their operations are organised to serve different markets. New investments will be making its way to Singapore, but some existing ones may seek to diversify elsewhere.\u00a0Mr Chan also added that \u201cIt is a fluid landscape and we must do everything we can to defend our capabilities and capacities.\u201d\u00a0The nature of jobs has also changed, with remote working becoming the norm, allowing for more global job opportunities to be available for Singaporeans. Still, the nature of remote working will also let other workers in other countries do the same jobs from their homes. Some job posts have advertised openings with the opportunity to work in Singapore or remotely, which affects many PMET jobs, as such work can be done virtually or through automation and AI.\u00a0Changes in the economy will also result in more societal frictions and tensions, as those who have more and those with less will contend, and issues such as foreign and local employment, and citizenship, will also arise.\u00a0\u201cWe will need to better take care of those affected by job and business losses. We have and will continue to do these in a sustainable way that is not divisive, affirm the dignity of work and strengthen our social fabric. These tensions, unless well managed, can divide our society,\u201d he said.The way forward for Singapore is muddled, but staying still is not an option. The fluidity of the entire situation means that every factor and circumstance is fast evolving. However, the government regularly update the people on the economy and job situation, sector by sector.\u00a0Three principles were outlined for Singapore\u2019s moving forward.\u00a0Firstly, the country will open for business safely and sustainably. Mr Chan said that \u201cit will not be a binary option of open or close. It can be done. We must stay open while isolating the impacted clusters quickly and tightly.\u201d\u00a0Secondly, the government will extend help to businesses and workers, helping them adapt to the new normal. Firms with opportunities will be provided with a boost for growth, as this creates more job opportunities for workers. Examples of such firms include those in info-communications technology, biopharma, supply chains, and precision engineering. Companies experiencing a drop in demand now but have the potential to recover will have their core capabilities preserved so that they can come out of this stronger. Companies will also receive help in cash-flow, from schemes such as Jobs Support Scheme to rental relief scheme. Assistance is extended to companies whose industries have gone in another direction due to reinvention and adaptation.\u00a0The last principle includes supporting businesses through establishing the \u201cright macro conditions,\u201d, Mr Chan said. The government will strengthen connections with the world for markets, supplies, technology and talent, to preserve Singapore\u2019s competitiveness.\u00a0In a novel move, Singapore will engage in digital free trade agreements to open more markets for businesses, while maintaining existing access to conventional markets.\u00a0The future may be unpredictable, and it may be challenging to pull through. However, the minister assured that the government is still committed to every Singaporean, mentioning that instead of waiting for the situation to calm down, they will start preparations now.\u00a0"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Destinations","item":"https:\/\/thehomeground.asia\/destinations\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Singapore","item":"https:\/\/thehomeground.asia\/destinations\/\/singapore\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"Singapore Will Not Return to Pre-COVID days","item":"https:\/\/thehomeground.asia\/destinations\/singapore\/singapore-will-not-return-to-pre-covid-days\/#breadcrumbitem"}]}]