In times of uncertainty, people would generally save rather than spend.

According to the Ministry of Finance, if not for the Budgets that were rolled out last year, the fall in Singapore's gross domestic product would have been at least 12.4 per cent instead of 5.8 per cent for the whole of last year (Covid-19 Budgets cushioned impact of recession, saved jobs, Feb 12).

Covid-19 has devastated the economy, but also accelerated digital transformation.

As it has been more than a year since the pandemic began, businesses should have long sought ways to survive under these constraints, and adapted to the economy's needs instead of relying on continual government payouts for survival.

It is not solely the Government's responsibility to keep industries afloat, and I believe it is in the nation's interest that fewer or no subsidies should be given on the grounds of covering businesses' sunk costs.

Given that it is uncertain how long the economic repercussions of this ongoing pandemic will last, relying on government subsidies cannot be the primary means of survival for firms.

Continual dips into Singapore's fiscal reserves to stabilise the economy results only in growing upward inflationary pressure and depleted reserves.

Funds should be given to firms to help them evolve and innovate new ways to survive independently in the post-pandemic world.

We cannot neglect the importance of leaving sufficient money for future generations, especially given the increasingly unpredictable economic outlook.

Napakpan Leevutinun