Singapore’s economy ‘needs urgent overhaul’ – President


Singapore’s President Halimah Yacob in a speech to parliament on August 24 said that there was “great urgency” to transform the city-state’s economy as the coronavirus pandemic keeps threatening the global openness and integration that have allowed Singapore to prosper.

“Much of our economy thrives because we have made ourselves a vibrant hub for the region and an attractive place for trade, investments, talent and ideas,” Halimah said, according to Bloomberg News.

“We cannot take our hub status for granted, or assume that its scope and role will remain the same,” she added.

Efforts to bolster resilience in critical areas such as food, healthcare and supply chain management could become new sources of growth, while the nation would also make a major push for sustainable growth including for green financing across the region, she said.

She further emphasised that Singapore needed to strengthen its social-safety net “to give Singaporeans more assurance coping with life’s uncertainties” and added the government will do “much more” in this regard to guide its people through the crisis and beyond.

The statement came after Singapore’s jobless rate in the second quarter hit its highest level since the global financial crisis more than a decade ago.

Country should remain open “for those who can contribute”

While the government would work with employers to further bolster workforce capabilities and ensure firms treat Singaporeans fairly when they recruit and retrench workers, the country “must also not turn inwards and should continue to welcome those who can contribute to the nation,” she noted.

The President’s comments follow elections last month where popular support for the long-ruling People’s Action Party fell close to a record low, while the political opposition is taking on a greater role in parliament.

Singapore’s economy entered a technical recession in the second quarter, shrinking almost 43 per cent from the previous three months on an annualised basis, while the government is pumping billions of dollars in the economy to come to the rescue.

As of August 25, Singapore had 56,435 reported Covid-19 cases, with 27 deaths and 54,587 people recovered. More than 90 per cent of the infected were coming from migrant workers living in tightly-spaced dormitories, a fact that led to calls on the government and the industry to improve conditions for migrant labourers.



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Singapore’s President Halimah Yacob in a speech to parliament on August 24 said that there was “great urgency” to transform the city-state’s economy as the coronavirus pandemic keeps threatening the global openness and integration that have allowed Singapore to prosper. “Much of our economy thrives because we have made ourselves a vibrant hub for the region and an attractive place for trade, investments, talent and ideas,” Halimah said, according to Bloomberg News. “We cannot take our hub status for granted, or assume that its scope and role will remain the same,” she added. Efforts to bolster resilience in critical areas...


Singapore’s President Halimah Yacob in a speech to parliament on August 24 said that there was “great urgency” to transform the city-state’s economy as the coronavirus pandemic keeps threatening the global openness and integration that have allowed Singapore to prosper.

“Much of our economy thrives because we have made ourselves a vibrant hub for the region and an attractive place for trade, investments, talent and ideas,” Halimah said, according to Bloomberg News.

“We cannot take our hub status for granted, or assume that its scope and role will remain the same,” she added.

Efforts to bolster resilience in critical areas such as food, healthcare and supply chain management could become new sources of growth, while the nation would also make a major push for sustainable growth including for green financing across the region, she said.

She further emphasised that Singapore needed to strengthen its social-safety net “to give Singaporeans more assurance coping with life’s uncertainties” and added the government will do “much more” in this regard to guide its people through the crisis and beyond.

The statement came after Singapore’s jobless rate in the second quarter hit its highest level since the global financial crisis more than a decade ago.

Country should remain open “for those who can contribute”

While the government would work with employers to further bolster workforce capabilities and ensure firms treat Singaporeans fairly when they recruit and retrench workers, the country “must also not turn inwards and should continue to welcome those who can contribute to the nation,” she noted.

The President’s comments follow elections last month where popular support for the long-ruling People’s Action Party fell close to a record low, while the political opposition is taking on a greater role in parliament.

Singapore’s economy entered a technical recession in the second quarter, shrinking almost 43 per cent from the previous three months on an annualised basis, while the government is pumping billions of dollars in the economy to come to the rescue.

As of August 25, Singapore had 56,435 reported Covid-19 cases, with 27 deaths and 54,587 people recovered. More than 90 per cent of the infected were coming from migrant workers living in tightly-spaced dormitories, a fact that led to calls on the government and the industry to improve conditions for migrant labourers.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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