03 Sep Return of confidence in Singapore’s potential for future growth possible
In response to Prime Minister Lee Hsien Loong’s address at the Debate on the Motion of Thanks to the President, FMG CEO Devadas acknowledges Prime Minister Lee’s candour and applauds his articulate framing of the COVID-19 situation in Singapore.
“FMG applauds Prime Minister Lee for his sober framing of how Singapore has, is and intends to manage the COVID-19 pandemic and the Post-COVID future.
We appreciate his candour in acknowledging shortcomings but fully agree that they represent ‘wisdom after the fact’.
Singapore took an early, aggressive and Bayesian approach – inducting new knowledge to adjust policies – which to the public seemed inconsistent but in fact, represented the intelligence and will to rapidly change course based on new information. FMG has not been exempt from the business impacts of the circuit breaker and we have acted to innovate and take greater business risks to maintain on the growth path and give confidence to our staff, not all of whom had the faith in the viability of a boutique firm surviving the major economic challenge. We have proved them wrong.
Similarly, Singapore will prove naysayers wrong on its economic future. However, that will require a Whole-of-Nation effort, a rethink of fundamentals and strategic patience. In our view, we are not at the end of the crisis but we are at the end of the beginning. The recovery will be slow and painful.
We do not expect a return to growth anytime soon, but we do expect a return of confidence in our potential for future growth.”