Lee Hsien Loong said Singapore may face the biggest economic contraction
Xinhua News Agency, Singapore, June 7 (Reporter Li Xiaoyu) Singapore Prime Minister Lee Hsien Loong warned on the 7th that Singapore may usher in the largest economic contraction in history due to the impact of the new crown epidemic. He encouraged the public to face future challenges with a positive attitude, work together, and jointly promote the economic and social recovery to healthy development.
Li Xianlong delivered a national speech that night, saying that the GDP of Singapore in 2020 is expected to shrink by 4% to 7%, which will be the largest economic contraction in Singapore's history. In the coming years, Singapore will usher in a period of change, and the people of Singapore must be prepared to face the future.
Li Xianlong said that for three reasons, he believes that Singapore can get out of the predicament. First of all, Singapore has strong economic strength and good reputation accumulated over the years, highly integrated with the world, and closely connected with the world in terms of people flow, logistics and capital flow.
Secondly, Singapore has been preparing for the challenges ahead. In recent years, Singapore has vigorously promoted economic transformation and capacity enhancement, and formulated plans to build a future economy. In the short term, with the gradual unblocking of other countries, Singapore is restarting its economy in an orderly manner, while spare no effort to attract and retain talent and investment.
Third, in response to the impact of the epidemic on economic and social development, the Singapore government’s current priority is to help people keep their jobs or find new jobs. Since the beginning of this year, the government has successively launched a series of plans to provide timely assistance to people in desperate need and their families to help them out of difficulties.