Riding out the storm

THIS WEEK'S TOPIC: Will Singapore's S$60 billion response to Covid-19 help businesses tide over the crisis? What else might be needed to save jobs and livelihoods?

Yeoh Oon Jin Executive Chairman PwC Singapore

THE three Budgets have already covered many Cs: costs, credit, cash, capacity, capability, cash in hand and cost of living. As to what else is needed, there are three other Cs that we can focus on. 1) Calibrate - there is a new normal emerging for the global supply chain. Hence predicting and preparing for this ensures Singapore's continued relevance as a major hub. 2) Coffers & Community - can we shore up our national reserves by getting capital/cash-rich enterprises and individuals to co-share the burden, for example through issuance of social bonds? 3) Confidence - consumption will rebound and local businesses must be ready, relevant and able to be activated quickly to give the economy the boost it needs; in this regard, government agencies can offer targeted interventions to support businesses to catch the rebound. When the economy thrives, so will jobs and livelihoods.