Covid-19 is not going to blow over. Urgent need to remake economy now

Trade and Industry Minister Chan Chun Sing said the world is changing with Covid-19 and Singapore must position itself to take advantage of fresh opportunities. Singapore's economy contracted 6.7 per cent in the first half of this year and is expected to shrink by between 5 per cent and 7 per cent this year, he said at a virtual press conference on the second-quarter results.

This is our worst quarterly performance on record. The forecast for 2020 essentially means the growth generated over the past two to three years will be negated.

The numbers reflect the impact of Covid-19, as well as deeper forces reshaping the global economy and our position in the global value chains.

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A version of this article appeared in the print edition of The Straits Times on August 12, 2020, with the headline 'Covid-19 is not going to blow over. Urgent need to remake economy now'. Subscribe