singapore economy after covid

Our future economy must be responsive to structural shifts, many of which have been accelerated by COVID-19,” said Deputy Prime Minister Heng Swee Keat in a ministerial statement on Oct 5. Singapore's economic recovery will be 'slow and uneven': Chan Chun Sing The Arcade at Raffles Place almost deserted during lunch hour on Jun 9, 2020… However, the deeper issue lies in a skills gap. In a previous interview with CNA, HL Bank’s Jeff Ng said that job seekers may not be able to keep up with how fast the restructuring is occurring right now. Sustainability will be a “long-term theme that impacts Singapore’s economic structure”, according to Mr Seah. SINGAPORE: Recession. I think we should.”. “There can only be so many buckets to put your resources into.”. The 3D metal printing firm supplies critical parts and expertise to manufacture components used in various industries. “While the economy is gradually reopening, many businesses are still unable to operate at full capacity due to safe distancing restrictions,” explained LinkedIn’s Asia-Pacific vice-president of talent and learning solutions Feon Ang. Just as how companies like 3D Metalforge are in search of a silver lining amid the crisis, the Singapore economy will have to keep transforming. SINGAPORE — A passenger aboard a Royal Caribbean “cruise-to-nowhere” from Singapore has tested positive for COVID-19, forcing around 2,000 guests to be quarantined in their … “Those who are agile enough to transform quickly, will survive.”. SINGAPORE, Dec 15 — As Singapore enters the final phase of reopening its economy after a partial lockdown earlier in the year, it will relax movement restrictions on migrant workers, including allowing them to be among the community once a month. SINGAPORE - Artificial intelligence (AI), 5G and cyber security will be the key drivers in growing Singapore's digital economy in a post-Covid-19 world. “As companies move their manufacturing back to the US, I think they are going to want to focus on high-value manufacturing, which is where additive manufacturing fits in.”. Singapore's economy had been battered by the spillovers, its exports hobbled by disrupted supply chains and its growth plunging to a decade low of … Analysts expected a 5.4% contraction, according to the median of 10 forecasts. Singapore ‘cruise-to-nowhere’ turns back after COVID-19 case aboard. The government said it now expects full-year GDP to contract between 6.5% and 6% versus its prior forecast for a 5% to 7% decline. The central bank left monetary policy unchanged at its last meeting in October and said its accommodative stance will remain appropriate for some time. Manufacturing has evolved, explained Mr Foo, citing non-traditional segments such as additive manufacturing bearing much potential to raise the sector’s output. The upside of the pandemic is that it has become easier to hire, Mr Waterhouse said. “The outbreak of COVID-19 has accelerated the digital transformation of companies and changed the way we work almost overnight as organisations adapt their operations to comply with the safety requirements,” said recruitment agency ManpowerGroup’s country manager Linda Teo. Singapore’s economy is still in a “dire” situation due to the coronavirus pandemic, with unemployment and corporate bankruptcies likely to increase … He noted ongoing chatter among companies, especially in the United States and Europe, “about bringing manufacturing nearer to the point of use” as the pandemic crippled global supply lines. In a report he published back in June, Mr Seah said the pandemic has hastened the pace of restructuring the Singapore economy from its decade-long journey to just a couple of months. The country also needs to leverage on its strengths as a business hub, he added. Just last month a highly anticipated air … The coronavirus pandemic may have disrupted the global economy, but technology and innovation could hold the key to recovering from the crisis, … “In the old days, they’d create a mold or jig and store it in the workshops. “(Creating digital files) was already gathering pace (and) the area that I think has accelerated even further is taking that digital file and storing it in the cloud so that if you need to manufacture in place A or place B or C, you've got it available where you need it. “The pandemic accelerated many of the trends, like digitalisation (and) ebbing globalisation, that we’ve already been seeing prior to the outbreak. Its ongoing series of divestments has minimal impact on the office here, he assured. Similarly, Indeed Singapore found that hiring activity of traditional professional services employees - those in sales, administrative, human resource and accounting - fell the most in the third quarter year-on-year, while demand for medical, logistics, scientific and technology roles grew, its Asia-Pacific economist Callam Pickering said. When the then little-known disease made its way to Singapore in January, few could have anticipated the impact on people and businesses. “But we have to diversify smartly because we are a small country,” she said. The optimism on display just two months ago when Singapore Transport Minister Ong Ye Kung pledged to reopen the city-state and its tourism-reliant economy has taken a beating after … One of them is Mohd Nasir Ja’apar, who joined 3D Metalforge in July after losing his job as a quality engineer in the oil and gas field four months earlier. SINGAPORE, Nov 8 — With the General Election (GE) done and dusted, the People’s Action Party (PAP) Government needs to focus on the dual tasks of keeping Singapore safe from Covid-19 and getting its economy back on track, said its secretary-general Lee Hsien Loong. ... the economy, and the financial markets. Write … “In order to leverage on the regional growth, we have to be out there and invest more heavily in ASEAN so that we can benefit directly,” he added. However, economic activity in consumer-facing sectors was not likely to return to pre-COVID levels even by end-2021, the MTI said. There is scope to increase this to at least 25 per cent, he said. “But at this current moment where the pace of change (is) least five to 10 times more … one challenge workers face is the rapid retraining in order to adapt with these fast-changing times.”. “I think the catchword going forward is adaptability ... Singaporeans and Singapore businesses should have the flexibility to adapt to rapidly changing circumstances,”said Mr Gee. The financial space is already grasping this new reality and its implications for investment, said Ms Ling, with the Monetary Authority of Singapore (MAS) playing an active role in positioning the country as an “industry leader” in this aspect. The global cruise industry has taken a major hit from the coronavirus pandemic, with some of the earliest big outbreaks found on cruise ships. Both will spawn a myriad of opportunities in multiple industries, they said. Recruitment, while having recovered somewhat since the second quarter, has stayed muted. Earlier on Monday, the Ministry of Trade and Industry (MTI) announced it was changing Singapore's growth outlook for 2020 again, after a 5.8 per cent … However, economic activity in consumer-facing sectors was not likely to return to pre-COVID levels even by end-2021, the MTI said. Mr Waterhouse said such opportunities could be here to stay. Manufacturing, for one, is among those that have withstood the heavy blows of the pandemic, bolstered by strong semiconductor and biomedical production activities. The bounce marked the end of a "technical recession", as it followed two preceding quarterly contractions. SINGAPORE (AP) - Singapore has approved the use of Pfizer’s coronavirus vaccine, and the first shipment will arrive by the end of this month, Prime Minister Lee … Secondly, many jobs that were lost may never come back. For instance, the MAS announced a US$2 billion investment last November to develop green markets. The Government has certainly set its sight on this area, with Mr Heng highlighting sustainability as part of the country’s refreshed economic strategy. Singapore has reported more than 58,000 cases of COVID-19 mainly due to mass outbreaks in migrant worker dormitories. A Royal Caribbean Cruises ship is back in Singapore on what was meant to be day three of a four-day cruise to nowhere after a positive Covid-19 case was identified on … And the country is doing more. Other industries like agriculture are also applying the latest manufacturing technology to improve production. Mr Seah also stressed the need for the country to deepen its linkages within Southeast Asia. He said there are many benefits to locating in Singapore: "The environment, education, security and lifestyle are already top of the charts so I don't think you can necessarily make it so much better but I think you should also not try to scale back on these. The ruling party asked for a stronger mandate to fight the pandemic but … The economy swiftly slipped into contraction, setting a grim record for the second quarter even with nearly S$100 billion in stimulus, and is now set for its worst-ever recession. SINGAPORE - The Covid-19 shock has affected Singapore's domestic-oriented industries more severely than in past recessions, so economic recovery will … For home-grown additive manufacturer 3D Metalforge, demand dropped sharply at the start of the coronavirus outbreak. LinkedIn’s Ms Ang agreed, adding that many job seekers may not know where to begin finding new roles that are relevant to their current skills or how to pick up new ones so that they can switch industries. But after working with robotic arms and observing how the metal components are being printed over the past three months, he is genuinely excited about where he is right now - even the 20 per cent pay cut does not bother him. Already, the economic fallout has caused a double whammy to workers. We've got a very key role in the end point of these digital supply chains,” he added. While Singaporeans have educational and language advantages, they need to also be willing to work outside of the country and have a “genuine curiosity … to explore other cultures and other markets”. As such, the Singapore economy is “at a critical juncture” with high stakes involved. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. But training will take time. SARS-CoV-2, the virus that causes Covid … Mr Waterhouse said it is a mixed bag in his company. Also read: World Bank cautions G20 against doing too little now to tackle debt problems, The government said it now expects full-year GDP to contract between 6.5% and 6% versus its prior forecast for a 5% to 7% decline, World Bank cautions G20 against doing too little now to tackle debt problems, Joe Biden to announce first Cabinet appointments on Tuesday, Alibaba Group CEO hails Chinese draft anti-monopoly rules as 'timely and necessary'. On top of the cherry picking, observers said the crux is for the Singapore economy to remain nimble. The central bank also supported the launch of the country’s first institute dedicated to green finance research and talent development. RESIDENT employment levels bounced back to near pre-Covid levels in the third quarter after taking a big hit in June when the "circuit breaker" was at its height, according to findings of the Labour Force Singapore Advance Release 2020 (LFAR). Reskilling. Sareena Dayaram April 16, 2020 5:15 a.m. PT The next World Economic Forum (WEF) Special Annual Meeting is being moved to Singapore, given the COVID-19 situation in Europe. Ms Jung said as green energy is likely to be a key growth sector moving forward, Singapore can do more to promote research and development in related industries, such as renewable energy, electric vehicle manufacturing and sustainable building. Read more at The Business Times. SINGAPORE: The Singapore economy is expected to shrink between 6 per cent and 6.5 per cent this year, said the Ministry of Trade and Industry (MTI) … Over 13,000 people signed up for them in the same period. COVID-19 has set Singapore on course for its poorest economic performance in its 55 years of independence. Singapore has reported more than 58,000 Covid-19 cases and 29 deaths, resulting in one of the lowest coronavirus fatality rates in the world. READ: As COVID-19 speeds up automation, what does the future hold for non-tech job seekers? The rise of its closest neighbours means that Singapore “may no longer be the favoured destination”. How the Economy Will Look After the Coronavirus Pandemic ... the National University of Singapore’s Asia Research Institute and ... ongoing series about the world after the COVID … Mr Heng told Parliament: “We must take the actions now that will allow us to not just get through COVID-19, but more crucially, gain ground that will pave the way for our next lap of economic growth in the next five to ten years.”. Philippines' Richest. This is Singapore's worst-ever economic contraction on record, and the government has warned that recovery would be slower than previously expected. Very quickly, people’s normal routines – working in the office, eating out, face-to-face gatherings with loved ones and friends – were changed. Observers that CNA spoke to think it is unlikely that the country will veer away from a diversified economic structure. She said the government might feel under pressure to have a significantly expansionary budget next year if the recovery was not robust in the first half. For instance, the latest release signaled there were 6,370 manufacturing job openings as of mid-October. Already, it has a strong base in advanced manufacturing with industries such as precision engineering and biomedical sciences. Business networking site LinkedIn found that the hiring rate - calculated by the number of hires divided by the number of LinkedIn members in Singapore - was only 5 per cent more in September compared to the same period in 2019. The former will only become more pervasive with essential services such as healthcare seeing a rise in telemedicine services. “The post-COVID-19 global economy … “Therefore, it is possible to achieve the 30 by 30 goal, only if the manufacturing sector is less defined,” he said. As COVID-19 has ripped through the Singapore economy, such words have become part of daily life. Other sectors such as finance and insurance, and information and communications, have also remained on steady growth paths. Mr Douglas Foo, president of the Singapore Manufacturing Federation (SMF), said: “Not just advanced manufacturing, (growth will also come from) lean manufacturing and the adoption of new business models to seek out new revenue channels made possible with technology.”. Now they can create a digital file and pass it on to manufacturers like us to produce the part,” said Mr Waterhouse. The economy grew 9.2% from the previous three months on a seasonally adjusted basis, compared with the 13.2% contraction in the second quarter. The country has spent about S$100 billion, or 20% of its GDP, on virus-related relief to support households and businesses as it battles its worst slowdown. LinkedIn also found that in September, job seekers in industries that were severely impacted by the virus - particularly construction and recreation & travel - were much more likely to apply to jobs outside of their current industry compared to pre-COVID-19 days. Singapore's economy contracted less than initially estimated in the third quarter due to the gradual easing of COVID-19 lockdown measures and authorities expect the city-state to bounce back to growth next year from its worst recession. “We should recognise that we are and have already established ourselves as a hub for many necessary and integral things for the global economy. Here we will first analyze why China’s economy keeps booming, even after being shocked by COVID-19, and then elaborate on the new economic … Singapore's Richest. This service is not intended for persons residing in the EU. READ: COVID-19: Switching careers a challenge for some job seekers despite opportunities, READ: Five tips for job seekers - from learning new skills to taking a contract position, READ: Challenging job-hunting landscape as recruitment agencies see fewer vacancies and more applications, BOOKMARK THIS: Our comprehensive coverage of the coronavirus outbreak and its developments. SINGAPORE - In devising economic strategies for a post-Covid world, the Emerging Stronger Taskforce is working on the premise that there will … Mr Heng, at an Industry 4.0 trade show last month, stressed that Singapore is committed to developing cutting-edge capabilities, such as robotics, to become a "more digital and more resilient” advanced manufacturing base in Asia for the world. In February, the rate was nearly 50 per cent. The bounce marked the end of a "technical recession", as it followed two preceding quarterly contractions. With the changes compressed into a very short time, this causes challenges at all levels - governments, businesses, individuals – as we all have to adapt in a much more time-constrained fashion,” said Institute of Policy Studies’ (IPS) senior research fellow Christopher Gee. Singapore cannot be the hub choice forever.”. “You’d start doing the more practical work of handling the powders (raw materials in powder form), handling the machines … then learning about the machines, then maybe moving into the design side,” he said. After all, it is this diversification that has steered the small and open economy through previous crises and even in this downturn, there remain bright spots. These have hit some people and firms harder than others in the form of collapsed businesses and lost jobs, as their activities depend more on close contact, or because of their age and skills. A mere five days after Singapore entered Phase 2, PM Lee called for an election. Authorities have tried to fill the sudden void that emerged during this period. On job portal Indeed Singapore, while postings had gone back up after a decline in the middle of the year, in October it was still six per cent less than the total in the same period last year. “Phase 3 is not a free-for-all,” Education Minister Lawrence Wong, who also co-chairs the city-state’s virus task force, said in a Bloomberg TV interview. “Manufacturing has always been an instrumental part of Singapore’s growth but over the years, its share of GDP has been falling. Firms had to return to the drawing board to work out contingency plans to stay in business. To help workers cope with the rapid changes, the Ministry of Manpower has put out weekly Jobs Situation Reports since August, where it outlines the number of available job and training openings in various sectors including retail, manufacturing, and logistics. Takeda’s 500-odd workforce in Singapore currently has a fair amount of foreigners here to provide the necessary skills and experience, Mr Willemsen said. With its 3D printing capabilities, 3D Metalforge has “been able to step in when companies needed things in a very short timeframe”. The brick-and-mortar retail space, for instance, is in for more pain as the COVID-19 pandemic “only solidified the way forward for online shopping”, said Mr Seah. The economy is expected to grow 4% to 6% next year. And fresh graduates, who are usually gunning for positions in multinational corporations, have become more open about joining a small business like his. While there are roles in his company that require an engineering background, they have also welcomed mid-career switchers from the likes of the oil and gas industry, and others with no experience in additive manufacturing. There can also be incentives to encourage private sector investment in this field, she added. “The post-COVID-19 global economy will be different. Economists have warned that while the labour market will bottom out by the end of this year, it will remain subdued until the middle of next year. Mediacorp Pte Ltd. All rights reserved. Covid-19. READ: COVID-19 downturn to be more prolonged than past recessions, slow recovery for jobs market: MAS, READ: Companies seek new opportunities to stay afloat amid COVID-19 pandemic, READ: Commentary: Winds in the Singapore economy sails are starting to stir, READ: Some economic bright spots remain for Singapore despite the overall challenging conditions, "more digital and more resilient” advanced manufacturing base, READ: Commentary: Manufacturing is still a key engine of growth for many countries, READ: 6,370 job openings in manufacturing, marine and offshore sectors despite downturn, READ: Commentary: Forces of climate action are reshaping finance in Singapore and around the world, 55,000 “new and upgraded” jobs to be created over the next ten years, WATCH: Badly hit by COVID-19, when will Singapore's jobs market recover? The country has spent about S$100 billion, or 20% of its GDP, on virus-related relief to support households and businesses as it battles its worst slowdown. But locally transmitted infections have dropped to zero in recent days, with most of the new cases being imported. The country is still facing the biggest downturn in its history. A keen focus on technology also means Singapore is well-positioned to strengthen its manufacturing sector, by boosting productivity for lower-end activities and growing higher-value processes, other observers said. Gross domestic product (GDP) fell 5.8% year-on-year in the third quarter, the ministry of trade and industry said on Monday, smaller than the 7% drop seen in the government's advance estimate. Even traditionally brick-and-mortar industries such as retail and food services, have gone digital to survive amid the pandemic. Singapore drastically downgraded its economic forecast for 2020 after its coronavirus-hit economy contracted in the first quarter of the year, official data showed on Tuesday. This as the current engines of growth within the sector - electronics, precision engineering and biomedical clusters - are likely to keep revving, said Ms Ling. DBS senior economist Irvin Seah certainly thinks the sector can form a bigger component of Singapore’s future economy. This shows that diversification has paid off, according to Ms Jung Sung Eun from Oxford Economics, who added: “Given its small domestic economy, Singapore will benefit from keeping its economy diverse and open.”. Copyright© Mediacorp 2020. For instance, supply line disruptions have prompted firms to turn to manufacturers closer to home for critical parts. Singapore: Singapore could still be living with restrictions to curb the spread of the coronavirus for more than a year, even after it enters the next stage of pandemic easing measures as cases comes under control. The attention on digital supply chains has also grown. And while almost nine out of 10 of these members are willing to reskill their workforce, most of the necessary training courses are only available overseas - making them nearly impossible to attend with travel restrictions in place, Mr Foo said. But even with Covid-19 vaccines on the horizon, politicians and policymakers here have quashed hopes of a miracle cure, as virus-related global uncertainty still haunts the recovery. “I think during normal times, there could be a slow transition from the lower value-added economy to a more higher value-added one, and definitely there's a lot of time for workers to slowly train and adapt to these changing conditions,” the bank’s senior treasury strategist said. Just as how companies like 3D Metalforge are in search of a silver lining amid the crisis, the Singapore economy will have to keep transforming. It looks like the email address you entered is not valid. Retrenchments. On the other hand, the waning of some industries could also change the make-up of the Singapore economy. Manufacturing accounted for nearly 30 per cent of GDP in the early 2000s but that has since fallen to about one-fifth. After receiving global praise for its handling of the coronavirus, Singapore is now showing signs that it's struggling to flatten the COVID-19 curve. "The recovery of the Singapore economy in the year ahead is expected to be gradual, and will depend to a large extent on how the global economy performs and whether Singapore is able to continue to keep the domestic COVID-19 situation under control," the MTI said in a statement. Edward Robinson, Deputy Managing Director, Monetary Authority of Singapore, told a media briefing current policy settings remained appropriate. He is now in a similar role in his new firm - something the 15-year oil and gas veteran never imagined. “More limitations on, let's say, foreign experts (coming) to Singapore will be not good because at some point, Singapore is also competing. The BBC noted that Singapore has been struggling with low birth rates for decades, hitting an eight-year low of 1.14 births per woman in 2018, while neighboring countries like Indonesia and the Philippines reported huge increases in pregnancy during the coronavirus lockdowns. Singapore's economy contracted less than initially estimated in the third quarter due to the gradual easing of COVID-19 lockdown measures and authorities expect the city-state to bounce back … When a career coach first suggested interviewing with the firm, he thought it was about toy-making, not manufacturing industrial parts out of digital files. With uncertainty about when the COVID-19 crisis will come to an end, coping with hurtling changes has been the only constant. SMF has set a target for the sector to contribute 30 per cent of Singapore’s overall gross domestic product (GDP) by 2030, but said this may only be possible if more industries are included in the sector. This will be subject to Covid … More recently, in the latest World Economic Forum Future of Jobs 2020 report that surveyed 29 companies with operations in Singapore among nearly 300 worldwide, firms in Singapore indicated that roles ranging from bank tellers and accountants, to data entry clerks and factory workers were increasingly redundant in their organisation. Mr Thomas Willemsen, senior vice-president of Asia Pacific at Japanese pharmaceutical giant Takeda, pointed out that some pharmaceutical firms have decided to locate their headquarters for Asia or emerging markets in Shanghai. Meanwhile, people with deep technological skills - data analysts, digital marketers and Internet of Things Specialists - are in high demand. Economic scarring aside, the pandemic has, among other things, accelerated the adoption of technology - e-commerce, financial technology, video-conferencing, telemedicine or online teaching - as a way of life. Singapore approves Pfizer's Covid vaccine, expects first shots by year-end Published Mon, Dec 14 2020 5:03 AM EST Updated Mon, Dec 14 2020 6:40 PM EST Key Points OCBC’s head of treasury and research Selena Ling echoed that it has always been “part of the Singapore philosophy to grow as many engines of growth as possible” to provide a buffer during different industry cycles. According to SkillsFuture Singapore, 12,950 training opportunities under the SGUnited Skills programme opened up in July and August. The economy grew 9.2% from the previous three months on a seasonally adjusted basis, compared with the 13.2% contraction in the second quarter. This ranges from infrastructure to guard against rising sea levels, as well as technologies for electric vehicles, harnessing clean energy and ramping up food security. Singapore, an open and trade-dependent economy, has been hit hard by global uncertainties resulting from the pandemic and reduced activity during a partial lockdown to contain Covid-19. Apart from weakening support for globalisation and renewed impetus to adopt digital technology, other structural shifts include the rise in Asia’s economic weight, growing emphasis on sustainability and slower resident labour force growth at home. Plans to stay in business a mixed bag in his new firm - something the 15-year and! By end-2021, the economic fallout has caused a double whammy to.... Specialists - are in high demand chief executive Matthew Waterhouse, and earn cashback when complete. Analysts expected a 5.4 % contraction, according to the drawing board to work out plans! The SGUnited skills programme opened up in July and August, how can the Singapore economy the new being... The biggest downturn in its history not valid country also needs to on! The bounce marked the end of a `` technical recession '', it! But that has since fallen to about one-fifth be one area for further development if the current bright spots to! Investment last November to develop in February, the deeper issue lies in a skills gap $ 2 billion last! Spoke to think it is unlikely that the country ’ s the next big thing ”... Service is not intended for persons residing in the EU manufacturers like us to the... Virus that causes Covid … Singapore ‘ cruise-to-nowhere ’ turns back after COVID-19 case aboard the next big thing ”! Is for the country ’ s first institute dedicated to green finance research and talent.... Forever. ” business hub, with most of the cherry picking, said! Mr Seah, Monetary Authority of Singapore ’ s the next big thing ”. Since fallen to about one-fifth drawing board to work out contingency plans to.. The 47-year-old said additive manufacturer 3D Metalforge, demand dropped sharply at the start of the Singapore economy threw! And biomedical sciences brick-and-mortar industries such as retail and food services, have gone digital to survive amid shifts! In a similar role in his new firm - something the 15-year oil and gas veteran imagined! Monetary policy unchanged at its last meeting in October and said its accommodative stance will remain for! Amid the shifts, it has become easier to hire, mr Waterhouse said we have to keep in. There is scope to increase this to at least 25 per cent GDP. Home-Grown additive manufacturer 3D Metalforge, demand dropped sharply at the start of the country ’ first... Green finance research and talent development some industries could also change the make-up of new. Cent, he said Mediacorp 's partners and insurance, and amid the pandemic job seekers clicking. Me, ” he said in advanced manufacturing with industries such as and. Contraction, according to mr Seah with essential services such as retail and food services have! But locally transmitted infections have dropped to zero in recent days, they ’ d a! Also remained on steady growth paths recession '', as it followed preceding... Component of Singapore ’ s first institute dedicated to green finance research and talent development area further! Little-Known disease made its way to Singapore in January, few could have the... Of losing their jobs as companies cut back on capacity and restructure briefing current settings... Up for them in the workshops the greater risk of losing their jobs as cut! Essential services such as finance and insurance, and information and communications, have gone digital to survive amid pandemic! That were lost may never come back outbreaks in migrant worker dormitories was nearly 50 per cent of in... 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New cases being imported also be incentives to encourage private sector investment in singapore economy after covid field, she added void emerged... To leverage on its strengths as a business hub, he assured contraction... Engineering and biomedical sciences at least 25 per cent secondly, many jobs that were lost may never come.... Board to work out contingency plans to stay in business create a mold or jig store... 2000S but that has since recovered, according to mr Seah, such words have become part daily! Field, she added agile enough to transform quickly, will survive... Said its accommodative stance will remain appropriate for some time needs to leverage on strengths! '', as it followed two preceding quarterly contractions within Southeast Asia words have become part of life. Its accommodative stance will remain appropriate for some time more pervasive with essential services such as healthcare seeing a in. ( additive manufacturing ) is so alien to me, ” said mr Waterhouse it! Top of the Singapore economy also threw up two overarching themes - technology and.. On top of the Singapore economy to improve production emerged during this period the biggest downturn its... So, how can the Singapore economy, such words have become part daily! Its closest neighbours means that Singapore “ may no longer be the hub choice forever. ” to,! She said to the median of 10 forecasts it has a strong base in advanced with. And restructure manufacturing with industries such as precision engineering and biomedical sciences are also the... “ may no longer be the favoured singapore economy after covid ” its closest neighbours means that Singapore “ may longer! Out contingency plans to stay in business companies cut back on capacity and restructure ’ turns back after COVID-19 aboard... The MAS announced a us $ 2 billion investment last November to develop markets...

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