Singapore’s economy shrank 6.7% in the first half of the year, the government explains how the world people are changing without going back to pre-COVID-19, they have to move on to new ways to create a new economy from now on, said Chan Chun Sing, Minister of Industry and Trade of Singapore. Announced today (Aug. 11) that the Singapore economy shrank by 6.7% in the first half of the year. The full year is expected to shrink by 5-7%, adding that the painful truth is that the country will never return to a pre-COVID-19 world, a wave of epidemics and disruption. It means that recovery will take time. And will recover unevenly Some sectors will recover progressively. While some parts will change permanently
Singapore’s Economic Ministers said the crisis was not the same as the 1998 Asian Financial Crisis or the 2009 World Financial Crisis if it was just waiting for the coronavirus to pass. It will be worse than now, so Singapore will have to start building a new economy. Create better job opportunities for people, and Singapore ministers point out that the world has changed in four irreversible ways.
First, the geopolitical environment Which contributes to the progress of Singapore over 50 years has changed Competition and tensions between the superpowers Not just politics But affect trade, technology and security Take, for example, a messaging platform. When Singaporeans do business with China To communicate with partners through WeChat, but with the US must be communicated via WhatsApp, such conflicts are inevitable in a more chaotic world. But Singapore must avoid being caught in the middle of a superpower conflict. Or interrupted in technology standards and trade relations in a fragmented world.
Number 2 companies worldwide are reengineering in terms of production and supply chains. Review the need for regional headquarters And where should the factory be located? Many have adjusted for effectiveness. Go to recovery Or in case of unexpected events Those companies need variety. So that they do not rely on any single place For some manufacturers this means Looking at China as a strategy to target ASEAN Which means There may be new investors coming to Singapore. The part that is here already May branch to other countries
Third, working patterns that have changed Working without a regular office This means that people in other countries can work that Singaporeans do from home. This change will affect technicians. Professional specialist Managers and Managers (PMETs) because jobs can be done from anywhere or through automation or artificial intelligence.
The fourth change: a shrinking economic share May create more social feud Between the rich and the poor Between foreigners and local people Or even between Singaporean citizens With permanent residents Singapore Economy Minister urged people not to be alone from the outside. Because without the world as a market Singapore’s economic area will shrink. Opportunities for the public would be limited instead of expanding. People whose work and business affect Should be maintained sustainably And strengthening social ties What has to be done is Planning in a new direction and ready for a future that is very different and uncertain.
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