Following a sober message from Singapore’s Minister for Trade and Industry Chan Chun Sing regarding the nation’s economic drop due to Covid-19, Facebook users have called for changes in the way the government handles such challenges. One netizen, in particular, requested that Mr Chan cut back the word count of his Facebook messages.
Mr Chan on Tuesday (August 11) took to Facebook to share a sober report on Singapore’s economic drop caused by the Covid-19 pandemic. After stating that in the second quarter of 2020, Singpaore’s economy contracted by 13.2% year-on-year, he said, “This is our worst quarterly performance on record and the full year forecast for 2020 of -7% to -5% will essentially negate the growth generated over the last two to three years.”
The Ministry of Trade & Industry announced the 2Q economic figures this morning. The Singapore economy contracted by…
Calling the effects of Covid-19 on the nation’s economy “devastating”, Mr Chan said that even after the Covid-19 pandemic, the nation would not be returning to a “pre-Covid world.” Comparing the current crisis to the previous Asian Financial Crisis and the Global Financial Crisis, he said, “There will be no quick relief this time (a)round.”
He then stressed that it is necessary to put up a new economy and to “create more opportunities for our businesses and workers.” He also cited three key focus points that will be addressed by the efforts to create such a new economy.
“First, we will open for business in a safe and sustainable manner. Second, we will help our businesses and workers make sense of and adjust to the new world regardless of the sector they are in. Third, we will establish the right macro conditions to preserve our ability to compete globally.”