On Singapore's post-COVID-19 future - "Do not fear"

This is again a reminder to all of us that things are not the same anymore. Here's the summary for today's speech: Covid-19 in S’pore

🔹 S’pore has made good progress in Covid-19 fight.

🔹 New community cases have dropped, dorm situation has stabilised, healthcare system is coping well, fatality rate is one of the lowest in the world.

🔹 Covid-19 will remain a problem for a long time. We will have to learn to live with it for the long term.

Economy has grounded to a halt

🔹 S’pore’s economy has taken a severe hit. GDP is likely to shrink between 4 and 7% this year.

🔹 S’pore has injected nearly S$100 billion to protect workers, households and companies.

🔹 These measures cannot shield us from tectonic shifts in global economy.

🔹 We will not be returning to the open and connected global economy anytime soon.

🔹 International travel and industries that depend on it (hotels, tourism) have been affected.

🔹 The next few years will be disruptive and difficult.

S’pore can be confident

🔹 We will emerge stronger, better.

🔹 First, we can tap on our economic strengths (being connected to global flows of trade) to create new businesses and jobs.

🔹 S’pore’s stable political system has also earned us a trusted international reputation.

🔹 Second, we have a head start through Future Economy plans: Upgrading workers through SkillsFuture, digitalising private and public sectors, and building R&D capabilities.

🔹 Third, there are schemes to help S’poreans keep jobs or find new ones (e.g. Job Support Scheme, SGUnited Jobs, National Jobs Council).

Beyond Covid-19 and economic challenges

🔹 Externally, S’pore has to navigate tensions between China and U.S., support free trade and multilateralism, and enhance our influence in the world.

🔹 Domestically, we have to improve social safety nets and give every S’porean equal opportunities.

🔹 For S’pore to succeed, her people have to be united and resilient.

🔹 Many Singaporeans have stepped up during this crisis and showed us how we can emerge stronger.

🔹 Together, let us take Singapore safely through this crisis.

What does the summary mean to us? We need to have the resilient and be patient enough to overcome the challenges ahead. Let us invest in these areas to get ready for what is to come ahead: Invest time in enhancing your skills or knowledge

We can increase our saving capacity by decreasing our expenditures. If that is not possible due to circumstances, look into increasing our monthly income instead. We can start by doing more or doing smart. With a lot of support given by the government, we can look at having training allowances while having our skills enhanced.

Invest time in your health

This is even more important in our current situation, whereby we need to build our own immunity to fight against COVID-19. I would like to also take this opportunity to thank all the frontliners in helping to fight against the spread of COVID-19 and here is a video to show our thanks!

Invest in financial planning

With limited resources and increasing challenges, how can we ensure that we continue to stay protected and maximise what we have? This is not an easy topic and it is never a one-sized fit all approach. How do you manage yours while working hard for your career?