Prime Minister Lee Hsien Loong said that significant structural changes to our economy are likely, after the Covid-19 pandemic.

"We will not go back to status quo ante, after the circuit breaker ends. And that will mean opportunities in these new ways of doing things", PM Lee said in his May Day 2020 message on Thursday (April 30).

The May Day Rally was held virtually for the first time, in the light of the Covid-19 outbreak.

PM Lee delivered his May Day message on television and online, which was televised across national television and streamed via social media channels, including the Facebook pages of PM Lee and the National Trades Union Congress (NTUC).

Restarting the economy

PM Lee discussed about progressively restarting the economy.

But this will be done after the government has brought down the number of new Covid-19 cases, and ease the circuit breaker measures.

He said that some industries, those critical to keeping our economy going domestically and those keeping us connected to the world, will open up earlier than others, and recover sooner.

He noted that other sectors will have to wait, especially those which attract crowds, or involve close contact with other people, such as entertainment outlets and large-scale sporting events.

"The government is determined that SIA will see through this crisis"

However, PM Lee noted that the tourism and aviation sectors will take much longer to recover than other sectors.

PM Lee said that the Singapore Airlines (SIA) group has been severely hit, and the government is determined that SIA will see through this crisis.

He said,

"SIA has always flown Singapore’s flag high all over the world, and made us proud. We will spare no effort to enable it to do so again."

PM Lee appreciated the national carrier's efforts to fight Covid-19.

He said that SIA helps to fly in essential supplies and have mounted evacuation flights to bring Singaporeans home.

Structural changes

PM Lee said that Covid-19 will result in many changes to the global economy in the longer term.

The movement of goods and people will be less free, he said, and this will have major implications for global trade and investments, and thus for Singapore.

PM Lee said that the government will help companies adapt to this new operating environment, and retrain workers for the new jobs available.

PM Lee said that while "we will not be able to save every job", he assured Singaporeans that the government "will look after every worker".

PM Lee pointed out the advantages of Singapore, as its smallness will enable the country to be nimble and find new growth areas.

Most importantly, PM Lee said that Singapore have experienced economic restructuring before, and have a strong tripartite partnership that was forged over the decades.

PM Lee added that the tripartite partnership - employers, the Labour Movement and NTUC, and the Government - is one important example of how everyone in Singapore work together as one nation, protect our vulnerable and leave no one behind.

"The road to recovery long and hard"

In his conclusion, PM Lee said that the "road to recovery will be long and hard", and we should be under no illusion that all will be well after the end of the CB measures.

PM Lee concluded that "Covid-19 is this generation’s challenge", adding

"The virus is a tough enemy – invisible, but formidable. It is now our turn to prove that we are worthy of our forebears, and up to the challenge before us. I have every confidence that we will prove more than equal to the task".

You can watch PM Lee's May Day 2020 message here:

Or read the transcript here:

Top photo from MCI