Articles on Economy and Financial related Matters in Singapore
COVID-19 has set us back by 40 years to 1981 when Terminal 1 was open.
"But there is a big difference between then and now," Transport Minister Ong Ye Kung said in his National Day Message to MOT.
"In the early 1980s, many airlines had not decided to come to Changi. We went all out to secure airlines, including unilaterally opening up our skies to invite the carriers to come to Changi.
Today, the airlines are here, and Changi has grown into a world-class airport," Mr Ong said.
While the path ahead is unclear, Singapore is confident in our long-term fundamentals.
We will strive to remain relevant in the post-COVID-19 world by playing the role of an interlocutor, connecting countries and companies around the world.
We do not have all the answers yet and the ground realities are fast evolving, often without precedence, but we know that staying still is not an option.
Mr Lee said, "We must stay well organised, and keen and hardworking to be able to take advantage of an upturn in international trade, especially in manufacturing products, when the present troubled political and financial situation is settled. By then, prices of basic foods like rice should go down dramatically with normal harvests.
In this way, we can ride over the presently rough economic conditions and gradually but steadily raise our real living standards."
Singapore and Australia aim to create a seamless digital trading environment which is crucial for businesses during this COVID-19 pandemic.
Singapore's economy is expected to recover strongly next year with GDP expected to grow by 7% after shrinking 6% this year.
