For commercial entities, during good times, deadwoods, loafers, toadies, and freewheelers enjoy the good time without much notice because the environment is rosy. In bad times, close management scrutiny comes in. Bad practises, got to go. Deadwoods, got to go. Departments that lose money, wind up.
So, in recession or financial crisis, it is restructuring time whether it is willingly or unwillingly. Willingly means steps are taken to trim. Unwillingly means that companies with bad practises and take no action will go bankrupt.
Lastly, dun forget, LKY, LHL, or Lim Shit Suay, they are politicians and hypocritical. These bastards will say things to glorify themselves, to win votes, or to empathize pretentiously.