SINGAPORE: With Singapore in Phase 1 of a post-circuit breaker new normal, the country is treading carefully in reopening the economy.
Drastic measures enacted, including the closure of non-essential businesses, have created massive economic shocks to business activity, trade and supply chains. Sluggish growth and growing unemployment may be the world’s new normal for a while. While we are fortunate that public coffers can afford such cash injections, the larger question is what novel approach can truly overcome this fear of a seemingly inevitable second wave.Enter Nobel laureate and former World Bank chief economist Professor Paul Romer. Dr Romer has proposed a roadmap to responsibly reopen economies. He calls it a “comprehensive periodic test and isolate policy”.
He argues doing nothing is worse. The US economy suffers a loss of US$500 billion from lost output each month and lost capacity to produce in the future.This new system would need new technological innovations, primarily, rapid real-time testing that is easy to administer on-site, can detect asymptomatic cases and is cost-effective.
Source: News Formal (newsformal.com)
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