Full Economic Fallout From Covid-19 Is Coming For Singapore
Prime Minister Lee Hsien Loong cautioned Singaporeans during his nationwide address on 23 Jun to prepare for the “full economic fallout” of Covid-19.
Unemployment & retrenchments will still increase
Despite the government’s efforts to bolster the workforce and reduce unemployment, PM Lee stated that it is likely for unemployment and retrenchments to continue increasing.
Though the country has already been projected to have its worst recession yet, he warned Singaporeans that more is to come.
As such, Singaporeans need to hunker down until the storm passes, and press through the impending economic fallout.
Government will support Singaporeans
PM Lee continued, saying the government is determined to help Singaporeans through the hardship.
They plan to save as many jobs as possible, as well as create new jobs in different sectors.
Additionally, they intend to do all they can to support business and industries weather the storm, and restructure themselves moving into the future.
Picking ourselves up after the storm
Singapore’s economic fallout will likely be the worst one to date. It’s not clear how bad the repercussions will be, even with projections and predictions.
However, PM Lee assured Singaporeans that we will survive, and “pick up when the sun shines once more”.
If anything, fortitude and unity are what will get us through this crisis.
Featured image by MS News.