SINGAPORE, Jan 1 — An economic rebound next year is on the cards but the economy will still be slower than during pre-pandemic days and recover unevenly, after the country experienced in 2020 its most severe downturn since independence, Prime Minister Lee Hsien Loong said yesterday.
“Now is not yet the time to celebrate. That time will come. Meanwhile, I ask for your support to keep up our efforts and not to falter in this final stretch,” Lee said in his annual New Year message that rounded up the “exceptionally testing” year and ushered in the next.
Nevertheless, he said the country is beginning to see signs of stabilisation — employment has picked up and multinational companies are making significant new investments here.
The coronavirus situation in Singapore has stabilised, too, Lee added, urging people to maintain discipline and continue practising safe distancing and taking other precautions that have helped bring the virus under control.
With Singapore now in Phase Three of the nation’s gradual reopening, Lee said it would still take some time for enough people to be vaccinated before Singapore is safe from another major uncontrolled outbreak.
Singapore’s response to Covid-19
In 2020, the Government had gone “all out” to support workers and companies to prevent massive job losses and business failures, passing five Budgets totalling close to S$100 billion (RM304 billion) and drawing heavily on past reserves.
Employers and the labour movement also did their utmost to keep workers employed and attaining new skills, while transforming their business models and redesigning jobs, noted Lee.
What stood out in Singapore’s response to Covid-19 is “the trust our people have in our system and in one another”, he added, noting how the pandemic has created divisions and deepened fault lines in many countries, but not here.
Singaporeans, said Lee, have cooperated with the Government and its Covid-19 measures, because the Government has been “open and upfront” about the facts, justifying the people’s faith that it is dealing with the crisis as best it can.
It was this confidence that the People’s Action Party-led (PAP) government could see Singapore through the crisis and take the country forward that led Singaporeans to return the PAP to power in the 2020 General Election with a renewed mandate, said Lee, who is also the ruling party’s secretary-general.
“My team and I will strive to continue deserving your trust, to keep on strengthening our social compact, to sustain the promise of Singapore as a fair and just society and to help you achieve your hopes and dreams,” pledged PM Lee.
The Government will also give every Singaporean equal opportunity to do well, deal with life’s setbacks and take advantage of opportunities in a changed post-pandemic world, he added.
Reiterating that the fight against Covid-19 is not yet won, Lee said: “What the world will look like post-Covid-19 is far from certain. But Singapore must emerge strengthened by the shared experience of this crisis.”
In the months and years ahead, we will face new and unexpected hurdles. Things may happen that force us to change our plans. But as long as we stay together as one Singapore, I am confident we will blaze a path forward.” — TODAY
