Singapore is “beginning to see signs of stabilisation” in the economy, even though “economically, we are not yet out of the woods”, says Prime Minister Lee Hsien Loong in his New Year message for 2021.

“Employment has picked up, and MNCs are making significant new investments in Singapore. After our most severe downturn since independence, we look forward to a rebound in 2021, although the recovery will be uneven, and activity is likely to remain below pre-Covid-19 levels for some time,” he notes.

In his speech, Lee credited the government for its support given to workers and companies to “prevent massive job losses and business failures”, citing the government’s passing of five budgets in 2020, which came up to almost $100 billion.

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