Page 85 - Mariners Cricket Club (Singapore) - Souvenir Magazine 2020

On the brighter side, the shift of economic activity to the cloud and the need for mobile
tracking and other tech solutions to contain and respond to future outbreaks of the virus

could benefit Southeast Asia, in particular countries like Singapore which is already on
the leading edge of the mobile-app-based digital economy. Singapore Govt’s response
in controlling the pandemic outbreak is stellar and should serve as a leading example
for the rest of the world. Introduction of a stimulus package in the form of tax incentives,
subsidies and cash payouts, deferred loan & bill payments are a responsibility that
every sensible government is likely to take and Singapore has been no different. Having
committed almost $100B into these relief efforts, our government has very well used up
reserves worth 20% of our GDP, which by no means is a small feat.

However, my point is that the buck doesn’t stop there. Why Singapore has always
emerged as a role model is because it makes a positive opportunity out of everything
around us. With the global shift in demand over digital applications, Singapore govt.
was quick to design and enforce policy measures to support this sector. This has
already spurred a lot of innovation and encouraged a lot of talented entrepreneurs to
look forward to boosting growth towards the end of the COVID19 episode. While there
is always a looming risk of traditional jobs getting automated, this crisis has forced us
to make contactless commerce a way of life. And this alone has propelled the demand
for digital workers and associated skillsets all across the region. Reskilling initiatives
are already underway in many countries including Singapore where a part of it is being
sponsored by the government. Because the jobs that disappear during the COVID-19
downturn may not be the same ones that return as the economy recovers. So countries
must strike a balance between the need to keep production going and the need to protect
the population including consumers as well as workers in the supply chains.

A successful response towards fighting the COVID19 crisis calls for a multi-sectoral

response in Asia-Pacific to enhance resilience, support recovery and restore supply
chains. The most important factor in the middle of all this will be the Shipping industry
and ports are a major factor towards managing that response. In Asia, shipping
represents a gateway to the global economy because it serves as a lifeline linking local
communities to the regional and global markets. All communities and policy owners
must focus clearly upon effective and efficient management of ports for sustaining the

economy. This is not spoken about widely, but nobody can deny how crucial shipping
is for short term policy response as well as for long term sustainability.

To me, the COVID-19 pandemic is a story of lives
and livelihoods. I will always remember this episode
as something that forged the gap between competing

economies, even though in a figurative way; because
for once the enemy was common to all. Countries
forgot about trade-wars and came together in the

fight for survival. I am sure our frontline workers from the Healthcare sector will
continue limiting the spread of infections and lowering the mortality. But my hope as
an economist will be that the effort of growth recovery should be without boundaries.
Countries and business executives need to reimagine innovation and make technologies
that allow Asia and ASEAN to emerge as one force to reckon, where policy making can
cross borders virtually during these trying times.

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