With the coronavirus pandemic threatening the global openness and integration that have allowed Singapore to prosper, President Halimah Yacob said there’s “great urgency” to transform the city-state’s economy.
“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 Monday, addressing the first session of parliament since July’s general election. “We cannot take our hub status for granted, or assume that its scope and role will remain the same.”
She said the country will resume air travel safely and help its companies develop links to new markets. Meanwhile, efforts to bolster resilience in critical areas such as food, health care and supply chain management can become new sources of growth, while the Southeast Asian nation will also make a major push for sustainable growth including for green financing across the region, she said.
Singapore’s economy entered a technical recession in the second quarter, shrinking arecord 42.9% from the previous three months on an annualized basis. Additional support measures of S$8 billion ($5.8 billion) wereannounced last week to help businesses and workers, adding to some S$93 billion in earlier pledges of government aid for the economy, among the highest levels in the region.
61,408 in IndiaMost new cases today
-1% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.096 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
5.4% Global GDP Tracker (annualized), July