It is rumored that the PAP had declared Phase 1 and Phase 2 is because of the GE. Otherwise, how to vote yesterday? Now that it is over, they may want to consider reimposing the CB again should the local community infections were to worsen in the coming 2 weeks.
However, I still think that they have to seriously balance between the mortality rate (which is very low) and the faltering economy. They cannot continue to keep pumping in more money from the reserves with never ending stimulus packages. In the long term, this is not sustainable. Common sense will tell you that there is no way to avoid this virus scare until a cure of vaccine is found.
As long as certain conditions are still imposed, eg: disallow mass congregation at places of worship, cinemas and the compulsory wearing of masks when outside, etc, these would suffice.