Singapore must master global trends, speed up transformation for stronger economy post-COVID-19: DPM Heng

SINGAPORE: Singapore must master major trends reshaping the global economy and speed up the structural transformation of its own economy to emerge with a stronger one post-COVID-19, Deputy Prime Minister Heng Swee Keat said on Saturday .on Singapore’s post-COVID-19 future.READ: Singapore will emerge from COVID-19 crisis a stronger society, with renewed sense of identity and values: DPM Heng

Near the end of May, the Ministry of Trade and Industry cut growth projections yet again as the economy continues to strain under the pandemic. Singapore’s gross domestic product is expected to shrink between 4 per cent and 7 per cent this year, it said, down from previous estimates of between 1 per cent and 4 per cent.

Mr Heng, who is also Finance Minister, laid out three ways Singapore can achieve this: Find new links in the world for the free flow of goods and services, continue investing in its infrastructure and focus on research and innovation to increase competitiveness.Mr Heng said Singapore is a major trading nation and a key aviation and maritime hub, committed to the free flow of goods, services, capital, data, ideas and talent.

Mr Heng said Singapore will continue to strengthen its resilience through projects like the “30 by 30” food production plan, which encourages the use of technology and alternative spaces to grow more food.“Such projects keep us connected to the world, makes travelling within Singapore faster and more pleasant, and gives us all beautiful homes,” Mr Heng said. “We will also rejuvenate our island into a cleaner and greener Singapore, and a city in nature for our people to enjoy.

Mr Heng said Singapore continues to be one of the most competitive economies in the world, pointing to how it started transforming for the future economy five years ago through various Industry Transformation Maps.

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Staying open, investing in infrastructure, R&D key to Singapore’s post-Covid-19 success: DPM HengSINGAPORE — To succeed in a post-Covid-19 future, Singapore must “reimagine” its future economy in three ways — by enabling the free flow of goods and services, by investing in infrastructure and sharpening its competitiveness in research and innovation, said Deputy Prime Minister Heng Swee Keat on Saturday (June 20).
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