No returning to pre-Covid world, with Singapore trade and business changed ‘irrevocably,’ says minister | Malay Mail

From rising geopolitical tensions to the way supply chains are reorganised, Covid-19 has shown to be different from past financial crises, says Singapore minister Chan Chun Sing. — TODAY pic

“I know that some are still hoping for a quick recovery, and a return to the familiarity of the ‘old normal’,” he said. Chan was speaking at a press briefing following the announcement of Singapore’s economic figures for the second quarter. Tensions between major powers are increasing, he said, with such tensions permeating not just politics but also trade, technology and security.

Singapore, he said, must avoid being caught in between the conflicts of the major powers, or be stranded in a fragmenting world of trade relations and technological standards. The nature of trade has also changed as companies start to review the need for regional headquarters and the way they organise their production to serve different markets.

“We must do everything we can to defend our capabilities and capacities, while winning new ones,” he said.

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