Taking Covid-19 as a transformative opportunity for Singapore

Year: 2020

This post is written as a brief comment to the opportunities that Singapore can take from the Covid-19 pandemic.

“FMG sees Covid as a transformative opportunity for Singapore.

First, it will induce a sense of realism, diminish the entitlement mindset and make workers and employers more resilient.

Second, market forces should be allowed to creative destruct failing firms and weak sectors.

Third, the government needs to seize the occasion to make genuine restructuring.

Fourth, this is the time to balance the overweight emphasis on MNCs, and promote promising SMEs vital to make Singapore’s future economy knowledge centered, knowledge creating and knowledge exporting.

Fifth, the government needs to rethink its command economy approach, its distortive presence in the economy and moral hazard and zombie company-sustaining policies.

“Grow calluses on your heart, or bleed to death” is a rule we need to rediscover and embrace.

Covid will allow us to make for a hardened workforce, local firms and entrepreneurs. These are tangible possible gains which should not be hindered or undercut by ‘soft’ policies.

Fundamentally, the government cannot spend its way back to growth. So there is a need for a rethink of governance, accountability, the social compact and fresh ideas from outside the ivory palaces. Only if we embrace this moment, will we be fit for purpose for the 21st century.”

– Devadas Krishnadas
CEO, FMG