Abstract
In the last few years lacklustre Global Economic Growth and sluggish Global & Regional Trade have adversely affected Singapore’s economic growth. The Covid-19 pandemic severely exacerbated the shock to the Global economy. Global and Regional Trade and related Supply chains experienced un-precedented disruptions. International Airports and Ports almost came to a standstill as the worlds international airline fleets were grounded and maritime shipping disrupted and stalled.
As a Global Air Hub, Container Shipping & Transhipment Mega Port and Regional Logistics Node in Asia Pacific, Singapore’s Trade dependent economy plunged into unprecedented negative economic growth. Lives and Livelihoods were adversely affected impinging on almost all sectors of the local economy save for essential services. Unemployment and Job losses spiked as enterprises, especially SMEs, struggled with Business Continuity to stay afloat.
Government’s effective Business Continuity support and pandemic-related crisis management, effective socio-economic policy measures, and Job Support Schemes, underpinned by multiple Crisis Budgets, helped to stabilise the crisis situation. The pandemic exposed major supply chain vulnerabilities affecting the Manufacturing, Industrial Logistics, Commercial sectors as well as Food Security challenges. Supply Chain Resilience became an instant Buzz word amongst Policy makers and Industry.
Disclaimer
The views represented are those of the author(s) and do not necessarily reflect the views or policies of CILT.