Fortifying businesses in a Covid-19 economy

COVID-19 continues to plague the global economy with many analysts already stating that this pandemic has brought the greatest financial crisis for this generation. For Singapore, the Ministry of Trade and Industry has cut its gross domestic product (GDP) growth projections for 2020 yet again, with the economy bracing itself for the worst recession in its history.

Even as Singapore moves towards a phased reopening of its economy and transitions out of the circuit breaker, there still remains much uncertainty about how businesses will be able to recover. The path ahead remains unclear, with many questions still surrounding Covid-19.

Against this backdrop, the fourth supplementary Budget addressing Covid-19 announced by Deputy Prime Minister Heng Swee Keat in Parliament on Tuesday is welcoming. The Fortitude Budget demonstrates the Singapore government's resolve in helping the country navigate its new normal, where previous ways of working will be transformed and the implications of Covid-19 continue to unravel and be a long-term challenge.