As we cross the threshold into a new year, uncertainty is rife as the Covid-19 crisis lingers. The arrival of vaccines brings hope but the economic havoc wrought by the virus continues.

Going by numbers alone, the picture looks grim. Going by the Ministry of Trade and Industry forecast, Singapore's GDP would have shrunk by 6 to 6.5 per cent by the end of last year. Given that the population has declined by an estimated 0.3 per cent last year, GDP per capita (a measure of average incomes) would have declined by 5.7 to 6.2 per cent. This, in turn, points to a sizeable decline in our standard of living.