His comments came as the republic recorded a 13.2% year-on-year plunge in its GDP for 2Q2020 ended June.
Singapore cannot afford to wait out for the coronavirus to abate, as the permanent changes it brings will hinder it from reverting to a pre-Covid-19 economy, Minister for Trade and Industry (MTI) Chan Chun Sing said on August 11.
This is a “painful truth”, he added while acknowledging the hope many harbour over an economic recovery and a return to the “familiarity of the old normal”.
