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SINGAPORE – It will take several years for the world to recover from the Covid-19 pandemic, and even then, some things will change in the new normal, Prime Minister Lee Hsien Loong said on Thursday (November 19).
“In the short term, I don’t see us moving away from the precautions and risks that are present right now, overnight. It is not possible.”
Even if there is a vaccine early next year, it will probably be 2022 when it is released to a significant proportion of the population and has an impact on slowing the spread of the disease, he added during a session. on the future of global growth in a virtual event associated with the Asia-Pacific Economic Cooperation (APEC) group.
Prime Minister Lee also does not expect international travel to return to normal next year: “Maybe in two years, it would be possible to extend it in a bigger way. But that’s later.”
He said there will be a lasting impact even after Covid-19 is gone, as people would have gotten used to working remotely, doing business online, and traveling less.
Prime Minister Lee provided this sobering image at the Apec CEO Dialogues for Political and Business Leaders at the Apec Business Advisory Council, which meets four times a year to advise Apec leaders on the priorities and concerns of the companies. companies in the region.
Other confirmed speakers at the annual event, which is hosted by Malaysia this year and ends on Friday, include Chinese President Xi Jinping, New Zealand Prime Minister Jacinda Ardern and Facebook COO Sheryl Sandberg.
The Singapore approach
Prime Minister Lee warned that while Singapore’s Covid-19 numbers are very low, with almost no community transmission in recent days, the battle is not over.
“All you need is a super spreader, and we’ll be chasing our tails again,” he said.
“What we have to do is maintain our precautions, develop what we can do in terms of testing, in terms of contact tracing, in terms of our systems to respond, in case the cases grow back, and then be able to to open cautiously with precautions. “
About Asia being more conservative than the West in addressing Covid-19, he was quick to say that things can go wrong very quickly.
Singapore’s attitude is not to let the disease engulf the population, he said. “I would be inclined to make sure that people are safe and healthy, and that they receive good medical treatment. Once that is assured, I make sure to take care of my finances.”
The government is working very hard to prevent a second outbreak or even a second circuit breaker, which will have a great impact on the psychology of the population, he added.
“People will be discouraged, perhaps demoralized, they will surely be distraught and rebellious. It is not easy to maintain solidarity in the face of a threat, which is still there, goes away and comes back, goes away and comes back.
“We are doing everything possible to avoid that roller coaster.”
Support for jobs and companies
The Prime Minister noted that the Government had taken an important step in preserving jobs and ensuring that companies survived as far as possible.
The government has unleashed unprecedented fiscal firepower this year to the tune of around $ 100 billion in Covid-19 support measures, and is looking to extract up to $ 52 billion from past reserves.
Pointing to those most affected, he said many are self-employed, as independent tour guides and trainers.
“Everyone desperately needed help. The first thing they had to do was keep body and soul together … I think it has avoided a lot of difficulties and kept the economy at least afloat.”
But now that the situation is stabilizing, “this huge infusion of government resources cannot continue indefinitely and we have to gradually reduce it and put things on a sustainable basis,” the prime minister said.
“We have to adapt for what is to come, rather than freeze a position that reflects what it was before Covid-19. Otherwise, we will end up with zombie companies and an unproductive economy, and I think that will create more problems for us. us later “.
Recognizing that the entertainment and tourism businesses are not out of the woods yet, unlike the manufacturing and technology sectors, which are doing well, he said authorities are experimenting with how entertainment spots can be opened safely. .
“But it’s very challenging, because the point of entertainment is for you to let your hair down, while here we are trying to keep our guard up.”
“Even if you have rules, when you want to relax and have a drink and then sing a song or dance in an entertainment hall, karaoke, it’s a completely different mindset.”
Under a pilot program, select nightlife venues can reopen next month or January under strict safe handling measures, such as wearing masks on the dance floor and showing negative evidence of Covid-19 tests before being allowed to enter.
When asked what advice he has for business leaders facing an uncertain future by the moderator and CEO of the Singapore Business Federation, Ho Meng Kit, Mr. Lee said: “I am not a businessman, I hesitate to preach But in this situation, you have to look forward, not back to what (was) … Make an objective assessment of what it means for your business and how you can improve it. “
He added that whether these companies choose to pivot, transform, or scale to the right size, it’s important that they take good care of their workers, who are also stakeholders and an important resource.
“Take care of them during this difficult period. Don’t just make a short and quick decision: ‘I’m saving costs and I have to eliminate so many employees’, but take care of them, retrain them if possible, redistribute them if possible and they will return it to you. you and your company.
“In the process, we will strengthen our cohesion and one day we will prosper again.”
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