Singapore aiming to live with flu-like ‘endemic’ Covid-19 – dpa international

DUBLIN — Singapore’s government on Thursday said it should be possible “to live normally” with Covid-19, which it expects to become “endemic” like influenza.  The three ministers responsible for the government’s coronavirus response announced “a broad plan” to “turn the pandemic into something much less threatening.” Pointing to the example of influenza, Trade Minister Gan Kim Yong, Finance Minister Lawrence Wong and Health Minister Ong Ye Kung said that “we can work towards a similar outcome for Covid-19.” 

Singapore cedes top spot to Switzerland in competitiveness index – dpa international

Singapore harbour seen from Marina Bay, a popular vantage point for visitors (Simon Roughneen)

DUBLIN — Wealthy city-state Singapore is no longer the world’s most competitive economy, according to the Institute for Management Development (IMD), which on Thursday put Switzerland top of its 2021 World Competitiveness Ranking. Singapore topped the list for the previous two years and was the sole Asian representative in the top five, which was rounded out by Sweden, Denmark and the Netherlands. Though most European countries were hit hard by the coronavirus pandemic, measured by lives lost and case numbers, the Lausanne-based IMD said the continent’s economies “weather[ed] the health crisis better than most other regions,” with Switzerland ranked highest after it “kept a disciplined financial strategy.” Singapore’s fall from first to fifth came despite being it being relatively lightly hit by the pandemic – and was down to “problems with job losses, lack of productivity and the economic impact of the pandemic,” the IMD said.

Most Asian economies do not innovate in line with growth levels – dpa international

DUBLIN — Most East Asian countries “innovate less than would be expected given their per capita income levels” and could therefore struggle to sustain recent economic growth, according to the World Bank. Countries in the region are dogged by “insufficient staff skills and limited financing options,” the bank said in a report published late Tuesday, with firms often seeming wary of investing in innovation because “policies and institutions are often not aligned with firms’ capabilities and needs.” Lower-than-expected innovation could lead to questions about “whether the region’s past model of development can continue to deliver rapid growth and poverty reduction,” the bank said.

Singapore team develops one-minute coronavirus test – dpa international

DUBLIN — Mention of a breathalyzer typically evokes images of a bedraggled five o’clock shadow peering bloodshot-eyed through a driver’s window after being pulled over by police. That could change if a new test for the novel coronavirus gets a second wind after successful first-round trials.. According to a Tuesday statement by the National University of Singapore (NUS), the device, which resembles a drink-driving breathalyzer, generates a result in around 60 seconds. The outcomes, which NUS reports as having proven 90 per cent accurate among the 180 people tested, “are generated in real-time” by analysis of “Volatile Organic Compounds” in a person’s breath. Jia Zhunan, doctor and chief executive officer of NUS spin-off company Breathonix, said the test is “is easy to administer,” needing neither trained staff nor laboratory processing.

Singapore PM warns of impact on Asia of US-China power rivalry – dpa international

KUALA LUMPUR — Singapore’s Prime Minister Lee Hsien Loong fears rising tensions between the US and China could undermine security and economic growth across Asia and called on both sides to pull back from confrontation. Lee flagged his concerns in an article titled “The Endangered Asian Century” published  in the US journal Foreign Affairs, which has a history of running watershed essays by policymakers involved international relations.Fearing that smaller Asian countries could be forced to take sides if intransigence grows between the world’s two biggest economies, Lee called for cooperation between the US and China, even as tensions rise over the coronavirus pandemic, trade, the disputed South China Sea, Taiwan and Hong Kong. “The two powers must work out a modus vivendi that will be competitive in some areas without allowing rivalry to poison cooperation in others,” Lee implored.

Singapore sees record business slump in May due to lockdowns dpa international

Singapore skyline over Marina Bay (Simon Roughneen)

KUALA LUMPUR — Commerce in Singapore hit a new low in May due to the coronavirus pandemic and worldwide lockdowns, going by a widely-cited business yardstick published on Wednesday. The IHS Markit Purchasing Managers’ Index (PMI) – based on a survey of 400 businesses about new orders, output, employment, suppliers’ delivery times and stocks of purchases – dropped to 27.1 during May. Any reading below 50 suggests economic contraction.  IHS Markit said that the decline was because “demand for goods and services plummeted at an unprecedented rate” due to the pandemic. The impact of a lockdown that ran from April 7 until Tuesday saw new orders collapse in May – when “firms remained firmly in retrenchment mode, reducing staff numbers and input purchasing.”

Singapore ends two-month virus lockdown, though some curbs remain – dpa international

KUALA LUMPUR — Singapore on Tuesday began allowing activities that “do not pose high risk of transmission” to resume after two months of lockdown, despite reporting the second-highest number of coronavirus cases in East Asia. Some offices and factories resumed operations, children went back to school, while places of worship began to open their doors.  Singapore’s Prime Minister Lee Hsien Loong said on Monday that the relaxation will likely prove “a big relief to all” but one that is “certainly not without its risks.” The wealthy city-state, an investment and trade hub whose seaport and airport rank among the world’s busiest, has diagnosed 35,292 cases of the new coronavirus, more than any country in East or South-East Asia except for China. Most of the cases are among foreign migrants confined to dormitories, though the related death toll, at 24, is one of the world’s lowest.

Singapore and China to reopen some travel in June – dpa international

KUALA LUMPUR — A “fast lane” for business and “essential” travel between Singapore and China will open next week, allowing some flights to resume between the two countries after a four-month hiatus due to the coronavirus pandemic, according to officials. A Singapore Foreign Ministry statement released late Friday said that travel will initially be allowed between Singapore and six Chinese cities and regions, including Shanghai and Guangdong. Though the two countries have reported the most coronavirus cases in East Asia, Singapore believes “the prevention and control of Covid-19 and the economic and social recovery” in both to have “entered a new phase.” While the majority of China’s 84,160 reported coronavirus cases were diagnosed early in the year – after the virus first emerged in the Chinese city of Wuhan before spreading around the world – Singapore’s caseload has increased 33-fold since April 1, with thousands of foreign workers infected.

Singapore to spend a fifth of GDP on curbing economic impact of virus – dpa international

KUALA LUMPUR — Singapore will spend an additional 33 billion Singapore dollars (23.2 billion US dollars) to offset the economic impact of coronavirus, Finance Minister Heng Swee Keat announced in parliament on Tuesday. The revised fiscal plan is the wealthy city-state’s fourth budget announcement since February and takes total spending pledges to just under 100 billion Singapore dollars – equivalent to almost 20 per cent of gross domestic product (GDP). Labelling the projected spending as a “fortitude budget,” Heng, Prime Minister Lee Hsien Loong’s deputy, said the outlay is necessary due to the “unprecedented uncertainty” caused by the pandemic. Earlier on Tuesday, Singapore’s Ministry of Trade and Industry said that GDP shrank 4.7 per cent in the first quarter of the year – indicating that the pandemic ravaged the trade-dependent economy even before the lockdown was imposed in April.

Singapore’s Covid-19 cases top 30,000 as more migrants infected – dpa international

KUALA LUMPUR — Singapore’s confirmed coronavirus cases reached 30,426 on Friday as the Ministry of Health announced 664 new infections. The ministry said the “vast majority” of Friday’s cases are foreign migrant workers living in dozens of crowded dormitories that emerged as hotbeds for transmission in late March. A summary published by the ministry on Thursday shows a cumulative 27,541 cases in dormitories, where over 300,000 mostly young male immigrants from across Asia reside while working in sectors such as security and construction.