In his May Day Message delivered on Thursday , Lee said there will likely be many changes to the global economy in the long term, due to the COVID-19 pandemic.
“Some industries will be disrupted permanently. Companies will have to change their business models to survive. Some jobs will simply disappear. Workers in these industries will have to re-skill themselves, to take up jobs in new sectors,” he said. “We will also find ways to buffer freelancers in the gig economy against economic volatility. We will not be able to save every job. But we will look after every worker.”
Singapore has resources to support business, peopleLee believes that Singapore has what it takes to succeed in the post COVID-19 world. Having experienced economic restructuring more than once before, he believes that Singapore has the resources to support businesses, invest in the workforce, and take care of its people.
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