Economist Joseph Incalcaterra said Singapore is able to spend liberally to get out of the crisis because of prudence and strategic reserves.
Let us continue to focus on what lies ahead, and chart a clear direction forward. Let us continue to think long-term, tackle long-term challenges such as climate change and future pandemics, and forge partnerships with people around us, in Singapore, as part of Singapore Together, and with people around the world.
Let us strive to emerge stronger together, as a united and shining red dot, trusted by all!
- DPM Heng Swee Keat -
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's economy is expected to recover strongly next year with GDP expected to grow by 7% after shrinking 6% this year.