Maybank Kim Eng senior economist Chua Hak Bin said:"Markets are pricing in a one-quarter contraction and a V-shaped recovery, but there is a non-negligible risk of a two-quarter contraction and more of a U-shaped recovery."
But Singapore remains open for business, he said."Because even if we completely shut down Singapore today, it does not mean that all the cases will disappear... So we have to keep on, keep Singapore going and we have to keep making a living." "Larger contractors must not withhold payment from the smaller contractors, otherwise it will impact the entire ecosystem negatively," he said.
Besides Budget measures to stabilise the situation,"we must also have measures to help businesses position strongly for recovery", he added. Noting that the head of the International Monetary Fund expects China to have a V-shaped recovery, SBF chairman S S Teo said the current situation is a chance for firms to regroup, transform, and diversify, while retaining their workers to be ready when recovery comes.
But amid this labour crunch, with restrictions on workers from China, the government could look at waiving this condition for existing workers in Singapore, from China or elsewhere.
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