Singapore Prime Minister Lee Hsien Loong gives red packets to SIA cabin crew and pilots, as well as support staff on shift at the SIA Cabin Crew Control Centre on Friday. The Straits Times
The bulk of Singapore’s economy should be able to bounce back this year following the heavy hits it took last year with the Covid-19 pandemic, according to Prime Minister Lee Hsien Loong on February 12.
Such a rebound will however be uneven, and Lee cautioned that sectors like tourism, transport, aviation and construction will take longer to recover.
“We are expecting some rebound this year. Last year was minus five to six per cent. That was particularly also because we had a circuit breaker period, which had a big impact on activity,” he told reporters at Changi General Hospital after visiting workers in essential services on the first day of the Lunar New Year.
“This year, we expect to bounce back,” he added. “The Year of the Ox should be better than the Year of the Rat in terms of the economy.”
But the prime minister added that while Singapore is likely to perform better, it is not guaranteed that it can get to an economic level beyond where it was in 2019, before the pandemic hit.
The most recent official forecasts project the economy to expand by between four and six per cent this year, after shrinking by an unprecedented 5.8 per cent in 2020.
The country’s recovery will depend on its progress in getting its people vaccinated, as well as the vaccination progress of other countries, particularly the US and Europe, said Lee.
Once these countries make progress on their vaccinations, their economies will be able to open up again, allowing Singapore to get much closer to normal, he noted.
Singapore’s economy depends heavily on international trade.
But various sectors will recover differently, and Lee pointed out that transport, tourism and aviation, all of which were ravaged by coronavirus-related disruptions and the drop in international travel, will take longer to get better.
He said the construction sector has specific difficulties as well, due to the need for migrant workers and safe management measures, and the Government will be addressing these concerns separately.
His Chinese New Year visits, organised by the labour movement, have been an annual tradition to thank workers for putting their duties ahead of festive celebrations.
On February 12 morning, Lee, together with his wife Ho Ching and transport minister Ong Ye Kung, as well as National Trades Union Congress president Mary Liew, secretary-general Ng Chee Meng and union leaders, met Singapore Airlines (SIA) cabin crew and pilots who were flying to London and Manila, as well as support staff on shift at the SIA Cabin Crew Control Centre.
He then went to Changi General Hospital, to offer festive wishes to healthcare workers including doctors, nurses, allied health professionals and ancillary staff, and present Lunar New Year gifts, including red packets and mandarin oranges.
THE STRAITS TIMES (SINGAPORE)/ASIA NEWS NETWORK
