Countries across the world are beginning to ease the restrictions on activity that were imposed to control the spread of the disease. The pace of easing, however, varies greatly:
SINGAPORE (May 29): This is not an easy time to be a policy maker anywhere. This is especially so in Singapore, which is much more exposed to the cruel twists and turns of the world economy than larger countries. Decisions with outsized impacts on the welfare of citizens as well as the survival of companies have to be made in the context of extreme uncertainty. As the Covid-19 pandemic reaches a new phase marked by continued uncertainty and where many countries are beginning to relax restrictions on economic activity, Singapore has to advance policy in two broad areas. One is a short-term approach that limits public health risks while allowing the economy to revive and the second is a longer term strategy of keeping Singapore going strong in the post-pandemic world that is already taking shape.
But as May turns to June, the pandemic is now moving into a new phase. While the public health crisis remains fraught, the worst appears to be over in most developed economies in terms of new infections and deaths caused by the pandemic. Some progress has also been reported in the development of treatments and drugs that reduce the seriousness of the illness induced by the virus. This should help to bring the death rate down while also alleviating the demand for scarce critical care equipment such as ventilators. There has even been some good news on the development of vaccines but we should be realistic and not expect it to be readily available for mass inoculation any time soon.
