East Coast Plan unveiled

[jw5]

from straitstimes.com:

ST Global Forum: US, China have domestic issues to tackle on top of bilateral ties, says DPM Heng



SINGAPORE - The storming of the Capitol building in the US demonstrated how deeply divided the nation is, said Deputy Prime Minister Heng Swee Keat on Monday (Jan 11).

But Congress' subsequent decision to formally recognise Mr Joe Biden as president showed the strength of American institutions, a belief in their Constitution, and a belief in doing the right thing, he added.

"There is strength in the American system, which augurs well for the US," Mr Heng said at The Straits Times Global Outlook Forum.

He had been asked how recent events in the US, as well as mass arrests of opposition figures in Hong Kong, would impact any proposed reset of frosty US-China relations.

Mr Heng replied that both the US and China have significant domestic issues to grapple with.

For the US, President-elect Joe Biden and his team will have to work on implementing the right policies to bridge divides on issues such as economic opportunities, culture, and race.

And in China, the Hong Kong protests are just one challenge that the country's leadership is dealing with, he said.

The country is also tackling issues such as the disparity in development between major cities and the countryside, as well as a rapidly ageing population.

"The Chinese leadership will have to devote a significant amount of time and resources to deal with these challenges," Mr Heng said. "And so both sides, both the US and China, will have significant domestic issues that they will need to focus their minds on."

He added his hope that both economies - the largest in the world, with the most military spending - will be able to work together on common areas to provide global leadership.

These include topics such as public health, climate change and digital governance, Mr Heng said.

He added his hope that both parties can work together and provide global leadership in these and other areas, playing a constructive role to bring other countries together to deal with such pressing challenges.

 

[jw5]

from straitstimes.com:

How the world can build back better from the pandemic: DPM Heng

In his keynote address at The Straits Times Global Outlook Forum, Deputy Prime Minister Heng Swee Keat noted that while Covid-19 has been devastating for the world, it has also provided an opportunity for countries to work together and build on that cooperation. Here is the edited text of his speech.


No one could have predicted the scale and disruption of Covid-19 in 2020.

We now have 90 million cases and nearly two million deaths. Business and travel have been hit, and jobs lost. The picture in East Asia has been relatively better, but there have still been subsequent outbreaks. Our economies have not been spared.

The outlook remains highly uncertain. 2020 saw massive government stimulus to support jobs and businesses. But this cannot continue indefinitely, and we will need to find a more sustainable path to recovery. Much will also depend on our collective will to implement effective national interventions, and collaborate across borders.

2021 begins with some hope.

Vaccination programmes are beginning, and scientific cooperation has taken great strides in a short period of time. But the emergence of more infectious variants reminds us that the fight is far from over.

If the vaccine roll-out is successful, and with continued policy stimulus, we may see the beginning of global economic recovery in the second half of this year.

Pandemic in the age of globalisation
This is not the first time the world has confronted a devastating pandemic. A century ago, the Spanish Flu swept the globe. A third of the world became infected, and nearly 50 million people died.

Back then, there was no coordinated global response. The science of virology was far less developed. So was our ability to develop vaccines. Basic information sharing and international cooperation for the pandemic was almost non-existent.

It was only after the Second World War that our present rules-based multilateral system emerged.

The United Nations and other institutions were established. The World Health Organisation (WHO) is one such institution. Without it, smallpox, polio, Ebola, and even influenza would be bigger problems.

Our global order has laid the foundation for progress. Globalisation has powered the world's economy for most of our lifetimes. However, its fruits have not always been evenly spread, within and across countries. Unhappiness over inequality has polarised politics in some places. Support for global trade and integration has weakened.

But it is not useful to simply reject the system wholesale. On the contrary, we need greater cooperation to adapt the rules-based multilateral system and make it work better for all.

We must accept that there will be no return to the pre-pandemic era. It is up to us to chart the course towards a new normal.

Covid-19 has accelerated structural shifts that were already taking place. Digital and technological disruption have accelerated. United States-China tensions have intensified, with no equilibrium in sight. Global trading rules have not kept pace with current realities.

However, the pandemic has also given us common cause to work together.

Early in the crisis, China's scientists shared genetic data for the virus. This allowed the swift development of diagnostic tests, including by Singapore. Institutions are cooperating across borders on treatments and vaccines. One hundred and ninety economies are participating in the Covax Facility, which seeks to secure fair and equitable access to vaccines for all.

In short, through global cooperation, the world has an opportunity to rebuild and emerge stronger from this crisis.

The great powers: Competition, but also common ground
The US-China relationship is a key factor shaping global cooperation.

They are the world's two largest economies, top spenders on defence, biggest sources of international patents and top researchers, and two largest emitters of carbon dioxide.

In many ways, we must be prepared for sharper competition between them. There has been a fundamental shift in attitudes - not only in the US, but also elsewhere. China is now regarded as a strategic competitor.

In the US, there is now bipartisan support for a tougher stance on China. The incoming administration will be taking office next week. But they may not reverse some of the moves that the previous government put in place.

Strategic rivalry will colour this relationship for a long time to come. There will be disagreement and friction.

Despite this, they can still reach a more measured tone of engagement, and greater predictability in decision-making.

While the US and China will compete, conflict is not inevitable. Competition and cooperation can co-exist. It is in the interest of both to remain engaged with each other, and with the global system.

There are challenges that the US will not be able to manage alone.

China has been a major beneficiary of the global system since it undertook reforms and its entry into the World Trade Organisation (WTO) two decades ago.

It is useful to remember that even in the depths of the Cold War, a minimal level of practical cooperation prevailed. As one example, the US and the Soviet Union worked together through the WHO to eradicate smallpox in the 1960s. Even in the contested area of space, the 1975 Apollo-Soyuz mission developed compatible rendezvous and docking systems, which remained in use for decades.

The key is that both sides must take a rational view, and find common ground. To compete when necessary, and cooperate wherever possible.

The current global order did not come about naturally. It was created through strong leadership and purposeful decisions. There is now an even greater imperative for pragmatism and cooperation, given how interconnected and interdependent we are.

There are early signs that the US and China could be willing to seek common ground on some key global challenges like climate change and public health. Much will depend on whether they are able to find a framework for cooperation.

Asia's prospects
The state of US-China relations will have a significant bearing on our region.

Asia's share of global gross domestic product (GDP) has been growing steadily. It is projected to recover faster than the rest of the world, and will contribute 60 per cent of global growth by 2030.

But an Asian century is neither inevitable nor foreordained. Economic recovery will be uneven across countries. Divisive, tit-for-tat competition between the US and China may also impact growth.

To secure the region's potential and address risks, leaders need to work together to take action.

One example was the signing of the Regional Comprehensive Economic Partnership last year. This was initiated by Asean nine years ago, well before US-China tensions over trade emerged. It showed how we could catalyse regional cooperation in concrete ways. We continue to welcome India's participation when it decides the time is right.

Another example was the conclusion of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Beyond reducing costs for business, the CPTPP will help safeguard intellectual property rights, and high labour and environmental standards across the region. The door remains open for the US and other like-minded partners to join.

These regional partnerships are not exclusive regional economic blocs. They are building blocks that can enhance capacity and confidence towards broader global integration.

Asean centrality and cooperation
Within South-east Asia, the fundamentals for growth are strong. We have a growing middle class and a fast-growing digital economy. We are in a good position to benefit from the reconfiguration of supply chains.

Both the US and China's active presence are important for Asean to progress. The US' presence underpins regional stability, which creates a hospitable environment for business and investments. American investments also drive many key industries.

China has deep economic interdependence with Asean. It is now the largest trading partner for eight Asean countries, and Asean has overtaken the European Union to become China's largest trading partner.

Asean has and will continue to feel the tug of US-China competition. We cannot determine the trajectory of this contest, but we can stand together to advance Asean's collective interests.

And Asean's interests must be defined by Asean, not by others who seek to define them for us. It is not a question of choosing sides, but rather, retaining our ability to make choices for ourselves.


To safeguard our independence and agency, our region must remain anchored on Asean Centrality. Asean must play a proactive and central role in engaging external partners, always working inclusively and pragmatically, and transcending disagreements between external powers.

One example is the negotiation of a Code of Conduct in the South China Sea, which will help keep our region open, and avoid miscalculation and misunderstanding.

Within Asean, we must continue to support one another. Asean's greatest success has been to maintain peace in a very diverse region, which has historically been in conflict among ourselves.

Five decades on, in the middle of a global pandemic, many of us donated test kits and equipment to one another, and helped each other repatriate citizens stuck overseas.

Despite the pandemic, we have pressed on with the Asean Economic Community Blueprint 2025. Trade has continued, and goods still move across borders.

Under Brunei's chairmanship this year, we will continue to strengthen resilience and deepen cooperation.

Global cooperation: A way forward
At the broader level, global cooperation will be especially important as we seek to exit the pandemic and rebuild. Let me highlight three important areas.

1. Public health cooperation
First, in public health. The Covax Facility is a major step in the right direction. With vaccines authorised for use and in mass production, the next step is to work together to transport them swiftly and safely, and distribute them equitably.

A further step is safe resumption of the movement of people, by establishing common protocols and standards for safe international travel.

In the longer term, we need to strengthen our collective response to future pandemics. Disease X is not a matter of if, but when.

We must lock in and strengthen the unprecedented level of information exchange - in science, research and best practices.

Public health cooperation can also expand beyond pandemic response. Collaboration on healthcare innovation will enhance the resilience and effectiveness of our healthcare systems. Several societies have ageing populations, including Singapore. We can cooperate on research and the sharing of experiences, to enable our seniors to stay healthy and active for as long as possible.

2. Climate change
The second area for global cooperation is climate change, which affects all countries, especially small island states like Singapore.

We need a global effort, and multilateral solutions. So I am glad that the US will be recommitting to the Paris Agreement.

This is also an area where cooperation in science and technology can propel us towards a green recovery.

Innovation and technology can offer solutions to achieve both economic growth and sustainability. There is great potential to improve resource efficiency for energy, water and food production, develop nature-based solutions for climate change, and employ biophilic design to build greener, more sustainable and liveable cities.

3. Digital governance
A third area is in digital governance.

The digital revolution was well under way before Covid, and sped up during the crisis as life shifted online. But global norms and rules in cyberspace have not been fully worked out.

As technology becomes ever more pervasive in our daily lives, cyber security will be even more critical.

International collaboration is crucial to maintaining a safer and secure cyberspace. We will also need stronger tech governance, to ensure that technology progresses in a fair and ethical manner.

For example, Singapore is a founding member of the Global Partnership on Artificial Intelligence. This international initiative was started last year to support the responsible use of AI, data governance and how AI can be used to empower workers.

As digital trade grows, we will also need common standards to enable trusted data flows across borders.

There is an ongoing effort by a group of WTO members to update global trade rules to facilitate digital trade. The G-20 is also looking at important issues like the free flow of data and cyber security.

Singapore has pursued Digital Economy Agreements with our partners, to develop new approaches for the cross-border digital economy, such as e-payment across jurisdictions.

As with trade, such agreements build a common framework for progress, especially in this new and rapidly evolving field.

Covid-19 has brought us to a crossroads. The forces of change will take their course, whether we act or not.

If we do not come together to tackle these common challenges, we will be headed towards a more fractious, more unequal world. Our planet will be less habitable...

Covid-19 has given us common cause to work together. Let us build on the momentum of cooperation from this crisis, to make the best of this moment, and lay the foundation for a more resilient, more sustainable and more vibrant future.

It will not be easy. Covid has laid bare many of our vulnerabilities. But we can take small concrete steps, especially in the areas I have just highlighted.

Each country will also need to adapt how it works externally with others - in an open and more inclusive way.

At home, each country will need to undertake structural reforms, to build new competitive advantages to benefit from globalisation, and to ensure that social policies are sustainable.

If we succeed, each country can grow new strengths and complement one another, achieving more together than we could on our own, and giving us a stake in one another's success.

Singapore's place in the world
Now, what do all these mean for Singapore?

As a small country, our openness underpins our economic success. Today, trade is three times our GDP. We are also a global transport, manufacturing and financial node. If we close up, we will soon lose our value and relevance to the world. This is why, even with Covid-19, we are actively looking for ways to reopen safely, while remaining vigilant.

Being small and open means we feel the tugs of external events more keenly, especially as the multilateral system comes under pressure. Even so, being small has its advantages. We can be more adaptable, flexible and innovative in tapping opportunities brought about by global cooperation.

In climate change, Singapore is putting sustainability at the core of what we do.

Climate change is an existential threat for Singapore, but can also create new opportunities. For example, through international scientific collaboration, we are deepening our understanding of climate science, especially for a highly urban environment like Singapore.

We are also developing creative solutions to decarbonise our economy, including carbon-capture utilisation and storage, and low-carbon hydrogen.

As a global financial hub, we can also contribute to a green recovery in Asia. For example, we are exploring how we can serve the region as a marketplace for high-quality carbon credits and provide technology-enabled verification systems for carbon solutions.

As the world grows ever more digital, the tech sector is also a bright spot for businesses and workers in Singapore. We will continue to grow our tech and start-up eco-system, and nurture unicorns like Sea and Grab.

We will continue to invest in innovation, deepen our capabilities in technologies like AI, which already has widespread applications, and develop emergent areas like quantum computing.

We will also continue to grow our partnerships with tech giants from around the world.

But our ability to make the best of these opportunities and our relevance to the world ultimately depends on our strengths at home.

As we strive to remain open and grow, we must ensure that the benefits of growth are spread more equitably.

We do so by helping our businesses to transform, while attracting more companies to set up operations here. We are also investing significantly to bring out the best in our people, while complementing our workforce with expertise from abroad.

Above all, we must continue to strengthen national solidarity, and push back against the division and polarisation seen elsewhere. We must continue to grow what we have in common, and deepen our shared commitment to do what is right for the longer term.

The stronger we are at home, the more we can contribute to the global commons and create opportunities for Singaporeans.

Conclusion
Covid-19 has given the world a sharp shock. But it has also given us common cause to work together.

A decade from now, in the 20th edition of the ST Global Outlook, I hope we can say that while Covid-19 was a dark chapter, the world was able to rally together and turn the page, laying the foundation for a more resilient, sustainable and dynamic future.

 

[jw5]

from straitstimes.com:

Covid-19 shows how scientists must collaborate to make breakthroughs, says DPM Heng


SINGAPORE -The fight against Covid-19 shows international collaboration is crucial if the world wants to continue making scientific breakthroughs, Deputy Prime Minister Heng Swee Keat told young scientists at a global virtual summit on Tuesday (Jan 12).

He said sharing the virus genome with the global community had allowed various diagnostic test kits to be developed quickly and led to the creation of safe and effective vaccines in record time.

"We must build on the positive momentum of collaboration in the fight against Covid-19 and redouble our efforts to work in stronger partnership - across disciplines, across borders, and across industries, academia and governments," he said in the pre-recorded opening address at the 2021 Global Young Scientists Summit.

"This will allow us to not only overcome this pandemic, but also other global challenges such as poverty, ageing and climate change."

The annual summit, which runs from Tuesday until Friday and is hosted by the National Research Foundation (NRF), will feature 21 globally recognised scientists and involve more than 500 young researchers from 30 countries.

In his opening speech, Mr Heng - who is also the NRF's chairman - emphasised that global partnerships deepen Singapore's research and development capabilities. For example, the Centre for Quantum Technologies at the National University of Singapore is one of the international reference research centres in quantum information science. In 2019, the centre developed the world's first quantum nanosatellite that can generate entangled photon-pairs, or light particles, further advancing cyber security and data encryption.

It was reported last December that Singapore will pump a record $25 billion into research over the next five years, with a focus on health, sustainability, the digital economy and manufacturing.

Mr Heng said: "We will continue to stay true to our vision to be a knowledge-based, innovation-driven nation, fuelled by scientific excellence."

The summit covers chemistry, physics, biology, mathematics, computer science and engineering. The 21 scientists - Nobel laureates and recipients of global science accolades - will share details of their discoveries by delivering plenary addresses, participating in panel talks and engaging with the young scientists in small group discussions.

The line-up of 21 speakers is the biggest since the annual summit started in 2013.

They will also discuss the latest advances in research and how they can be used to develop solutions to address major global challenges.

One of the scientists who will speak at the summit is Professor Robert Langer, co-founder of Moderna, the American biotechnology firm that has created one of the two leading Covid-19 vaccines. Holding more than 1,400 patents, Prof Langer will be sharing insights in advanced drug delivery systems and therapies, touching on areas including diabetes and skin.

The summit will be livestreamed on the NRF's YouTube channel.

Some of the speakers at the summit

Professor Ada Yonath

- Martin S. and Helen Kimmel Professor of Structural Biology at the Weizmann Institute of Science in Israel

- Recipient of the 2009 Nobel Prize in Chemistry for mapping the structure and functions of the ribosome, a protein-making machine

Professor Caucher Birkar

- University of Cambridge, Professor of Mathematics

- Recipient of the Fields Medal in 2018, the highest honour in mathematics, for his contributions to algebraic geometry

Professor Didier Queloz

- Professor in Astronomy in the University of Geneva, and Professor of Physics at the University of Cambridge

- Recipient of the 2019 Nobel Prize in Physics for discovering the first planet outside the solar system that orbits around a sun-like star in 1995

Professor Jennifer Doudna

- Professor of Biochemistry, Biophysics and Structural Biology at the University of California, Berkeley

- Recipient of the 2020 Nobel Prize in Chemistry for co-creating a gene editing tool to design crops that can better withstand drought, and treat diseases such as cancer

Professor Robert Langer

- Institute Professor at the Massachusetts Institute of Technology

- Founded more than 40 biotechnology firms, including Moderna

- Recipient of the 2008 Millennium Technology Prize, the world's largest award for technology innovation, for developing innovative biomaterials for controlled drug release and tissue regeneration

 

[jw5]

from straitstimes.com:

Property developers must take the lead in industry transformation as S'pore seeks to innovate better: Heng Swee Keat


SINGAPORE - Property developers in Singapore have to set the pace for industry transformation in the post-pandemic world, where an increasing premium will be placed on sustainability and resilience.

Calling on developers to build a sustainable, caring and liveable city, Deputy Prime Minister and Finance Minister Heng Swee Keat on Monday (Jan 18) urged them to "step up the pace of transformation and bring other industry players along".

Speaking at the Real Estate Developers' Association of Singapore's (Redas) anniversary celebration, held at the Ritz-Carlton Hotel, he added: "Thankfully, we have strong foundations to build on."

In his speech, which was streamed online, Mr Heng said Singapore must set its sights beyond Covid-19 and ask itself what it should do differently, especially in relation to its industry transformation maps (ITMs).

"We will need to refresh our ITMs, and explore how we can work and collaborate differently to innovate better," he said.

One approach for innovation involves adopting a "start-up mindset" similar to what the eight Alliances for Action under the Emerging Stronger Task Force have done. These industry-led coalitions are focused on speed and action, rapidly prototyping new ideas and scaling up those that are successful.


For instance, Redas is leading a trial with a digital dashboard that allows developers to monitor building projects based on live data, Mr Heng said. If successful, this dashboard project will be extended to all developers.

Other issues require sustained investment and effort over many years to yield an impact, he added.

He gave the example of making the built environment more climate-resilient, noting that studies have shown that Singapore is heating up twice as fast as the rest of the world.

Although greenery - which many developers have incorporated into their designs - helps to a certain extent, Singapore needs to do more, Mr Heng said.

"New solutions could include the use of cool paints and reflective glass coatings to lower absorption of heat energy from the sun. If the sector can grow its capabilities in sustainability, it will give you a competitive edge when you expand overseas," he said.

The Government has consistently invested about 1 per cent of its gross domestic product on research and innovation, with urban solutions and sustainability one key area in the Research, Innovation and Enterprise Plan for the next five years.

The minister urged developers to take the lead in such research efforts, beyond government investment.

And as Singapore looks at new ways of doing things, it must not lose sight of its ultimate goal to improve people's lives - including enabling young Singaporeans to own their own homes, he added.


"This is why we pay close attention to the property market, to ensure that it remains stable."

Mr Heng noted that asset prices around the world have been on the rise despite the Covid-19 pandemic.

In Singapore, the property market is starting to see renewed positive sentiments and some gathering of momentum in prices, he said. "We will remain vigilant as the economic outlook remains very uncertain. We do not want to see the property market run ahead of the underlying economic fundamentals."

 

[KuanTi01]

Looks like Stroke Heng has earned himself another hard-won nick.... ECP Heng!

 

[jw5]

I am touch.

Some government officials are also out of touch.

 

[jw5]

from straitstimes.com:

Science and tech, global cooperation critical in tackling Covid-19 and future crises: DPM Heng

SINGAPORE - The coronavirus pandemic has highlighted the critical role of science and technology as well as the need for global cooperation in combating the crisis, said Deputy Prime Minister Heng Swee Keat on Wednesday (Jan 20).

These factors, along with having a strong societal response, will make societies more resilient and better able to take on Disease X - a future, unknown disease that is highly infectious, deadly and mutates easily - as well as other challenges.

"Science and tech will continue to give countries an edge in recovering from this pandemic and tackling the next one. The lesson here is that countries must continue to invest in R&D, even during an economic downturn," said Mr Heng at an event organised by Temasek Foundation.

The Temasek Shophouse Conversations brings leaders from the public, private, and community sector together in a series of panel discussions and events.

Singapore's capabilities in biomedical sciences and infectious diseases have supported its response to the pandemic, and enabled the country to contribute to the global fight against Covid-19, he noted.

For instance, Singapore developed several diagnostic test kits, including the Fortitude polymerase chain reaction test kit by the Agency for Science, Technology and Research (A*Star) and Tan Tock Seng Hospital, which is now used in more than 45 countries.

Mr Heng raised the need for the global community to plan ahead, and cited how artificial intelligence can be harnessed to develop better modelling and early warning systems, as well as identify potential treatments from existing medical databases.

Diagnostic testing can be more quickly developed and scaled, drawing from lessons learnt from the role of asymptomatic transmission in the spread of Covid-19.

"At the same time, it is equally important to sustain basic research and broaden our research foundations, because we can never fully anticipate what Disease X will look like, and the scientific expertise needed to combat it," said Mr Heng, who is also Coordinating Minister for Economic Policies.

Pointing to a World Health Organisation panel's report released earlier this week, which highlighted shortcomings in governments and public health organisations' response to the start of the coronavirus crisis, Mr Heng said it is also a lesson in how the world can react more swiftly and with greater coordination for the next pandemic.

Still, there were bright spots, he said, including the unprecedented level of information sharing and cooperation in science and technology.

For instance, China's scientists shared the first genome sequences of Covid-19 through the Global Initiative on Sharing All Influenza Data (Gisaid), an international database. The database has since received more than 380,000 genome sequences of the virus from 145 countries, and provided a critical foundation for understanding the virus, and for the development of tests, therapeutics and vaccines.

Another encouraging development is the strengthening of global partnerships, such as the multilateral Covax facility initiative, which is meant to ensure equitable vaccine access worldwide and aims to obtain and fairly distribute two billion doses of Covid-19 vaccines by the end of this year.

"Such global cooperation, comprising multiple stakeholders and at such scale and complexity, is possible when we are united around a common purpose," said Mr Heng, adding that such partnerships have to be encouraged and nurtured.

The pandemic has also tested the solidarity of many societies, and deepened fault lines in some societies, he said.

"I am heartened that our people showed unity and solidarity in the face of adversity," he said, pointing to how citizens and companies stepped forward to help the vulnerable and address their needs.

"We must work on strengthening our unity as one people in good times, so that we can stand strong, and stand together and weather future crises and pandemics when they strike."

 

[jw5]

from straitstimes.com:

DPM Heng gets first dose of Covid-19 vaccine, says Pfizer shots safe, even for former stroke patients

SINGAPORE - Deputy Prime Minister Heng Swee Keat received his first dose of the Pfizer-BioNTech Covid-19 vaccine on Wednesday (Jan 20) morning at the National Centre for Infectious Diseases (NCID).

"The vaccine is safe and effective, even for former stroke patients like myself," Mr Heng, who is also Coordinating Minister for Economic Policies and Finance Minister, added in a Facebook post in the evening.

Mr Heng had collapsed during a Cabinet meeting in May 2016 after suffering a sudden stroke caused by a ruptured aneurysm. He returned to work in August that year.

On Wednesday, he said that before receiving the vaccination, he had sat down with Dr Shawn Vasoo, clinical director at the NCID and head of the Infectious Disease Research Laboratory, to run through a medical questionnaire.

DPM Heng shared how thanks to the steady and skillful hands of Nurse Manager Imrana Banu, his vaccination was "painless and done in less than 10 seconds". He also received his vaccination card, and said he would be back in three weeks to get his second dose.

Currently, only the Pfizer-BioNTech vaccine has been approved for pandemic use by Singapore's Health Sciences Authority (HSA).

Two doses are required, 21 days apart, and it will take up to another 14 days after the second dose for those vaccinated to achieve maximum protection against the virus.

Another vaccine candidate, developed by United States firm Moderna, has also submitted its data and is currently being reviewed by the HSA.

Singapore began its Covid-19 vaccination drive last month, and Prime Minister Lee Hsien Loong, Covid-19 ministerial task force co-chairs Gan Kim Yong and Lawrence Wong, as well as Transport Minister Ong Ye Kung are among the ministers who have received their first doses of the Pfizer-BioNTech vaccine.

They will return for the second dose about 21 days after getting the first dose.

After getting vaccinated, DPM Heng met a group of NCID researchers and thanked them for playing a crucial role in the fight against the Covid-19 pandemic.

He also noted that vaccination was a top discussion topic in his East Coast Conversation on Sunday (Jan 17), where he spoke with residents in his constituency about Phase 3 of Singapore's reopening.

"We are progressively rolling out our national vaccination strategy in the coming weeks and months. I strongly encourage you to take it up when it becomes available to you," he said.

"This will not only protect you, but also your loved ones and our community."

 

[jw5]

from straitstimes.com:

Innovation crucial to Singapore's economic recovery, says DPM Heng Swee Keat

SINGAPORE - Innovative ventures sprouting across the corporate landscape will provide crucial support to Singapore's economic recovery, said Deputy Prime Minister Heng Swee Keat.

These new ventures can tackle structural challenges and harness opportunities in the post-Covid-19 world, he noted.

Mr Heng, who is also the minister for economic policies and finance, was speaking at the launch of BCG Digital Ventures (BCGDV) Rochester Park campus on Friday (Jan 22).

BCGDV is the corporate innovation and digital business building arm of the Boston Consulting Group (BCG). It invents, launches, scales and invests in new industry-changing businesses with large companies.

Mr Heng said corporate venturing is one of the few ways to drive innovation, the pursuit of which will become even more indispensable as the economy navigates the current crisis and the post-Covid-19 world.

"Investment in innovation has, and will always be, a cornerstone of our economic policy, and a focus of our budgets," he said, pointing out that the Government had already committed to invest $25 billion over the next five years in research, innovation and enterprise.

Mr Heng congratulated BCG for bringing its Digital Ventures campus to Singapore, saying that it can add its broad range of expertise to the corporate venturing ecosystem in the Republic and in South-east Asia.

"The new campus will create exciting new jobs for our people, both within BCG and in the new ventures that you are helping to incubate and grow," he said.

He said large companies have advantages that start-ups do not have, such as access to customers, established supply chains and distribution channels, and a strong base of intellectual property and know-how.

"The challenge is to find creative ways to find synergies between the capabilities of these large corporates with the fresh and creative ideas of start-ups to create successful new ventures," he said.

He said BCGDV can make significant contributions to the Economic Development Board's (EDB's) efforts to partner with large corporates to create new ventures.

The campus can also add to the momentum of Singapore's endeavour to build an ecosystem of venture studios to help companies that are new to the venturing process.

BCG can also use Singapore as a base to partner large corporates in the region where the digital economy is growing fast, he said.

He said Singapore is also re-doubling its efforts to strengthen its start-up ecosystem that has already produced several unicorns, the latest being Nanofilm - an advanced materials tech spin-off from Nanyang Technological University that was listed on the Singapore Exchange (SGX) in October last year.

"For budding entrepreneurs, we have Startup SG, which provides mentorship, funding and a whole range of support," he said, adding that the Government in August had announced an additional $150 million to help start-ups get innovative ideas off the ground.

At the same time, the SMEs Go Digital programme will help the broad majority of companies and workers to adopt digital solutions, for which an additional $500 million was earmarked last year.

"This systems approach to innovation will give Singapore a competitive edge in a post-Covid-19 world and I'm glad that BCG is contributing to our growth as a Global-Asia innovation node."

Mr Heng said BCG is also helping two of Singapore's Alliances for Action - on Edutech and Sustainability - by facilitating ideation workshops.

As part of the Alliance of Sustainability, BCG has also worked with DBS Bank and SGX on a joint three-month sprint to develop a voluntary carbon credit marketplace for Asia.

Alliances for Action (AfAs) are industry-led coalitions tasked to devise ideas and generate jobs in areas such as sustainability, robotics and education technology. They were established by the Emerging Stronger Taskforce which was set up to study economic changes accelerated by the coronavirus.

Mr Heng said innovation will be critical to fuelling Singapore's economic recovery, enabling it to harness opportunities in the post-Covid-19 world.

The BCGDV campus will add to the dynamism and vibrancy of Singapore's innovation landscape, he said.

 

[jw5]

I am touch.

A touch in time saves nine.

 

[jw5]

from straitstimes.com:

400,000 S'pore households to receive 2nd tranche of $50 vouchers to spend at local businesses


SINGAPORE - Up to 400,000 lower-income households will be receiving $50 worth of vouchers that they can use to defray household expenses and, at the same time, support local businesses.

This comes under an extension of the Community Development Council (CDC) Vouchers Scheme that was first launched last June.

At Bedok Community Centre on Monday (Jan 25), Deputy Prime Minister Heng Swee Keat announced that a second tranche of $20 million would be given out through the scheme.

Mr Heng, who is also Finance Minister, said: "During this challenging period, household expenses will continue to weigh on the minds of less well-off families. So we have decided to commit an additional $20 million for a second tranche of vouchers.

"We hope that the vouchers will continue to help families in need," he added.

The vouchers, which come in $2 denominations, can be used to redeem food, essential goods and services at more than 8,100 participating heartland merchant shops and hawker stalls.


The first tranche was announced in June last year and that batch of vouchers had to be used by Dec 31, 2020. About 338,000 households collected the vouchers.

The second tranche of vouchers can be collected from designated community clubs and centres from Feb 8, and will be valid till Sept 30 this year.

Each eligible household, identified through government help schemes, will receive a notification letter with a date of collection that has to be brought to the collection point with an NRIC.

The launch was attended by the five district Mayors - Ms Low Yen Ling, Ms Denise Phua, Mr Fahmi Aliman, Mr Alex Yam and Mr Desmond Choo - as well as People's Association chief executive director Lim Hock Yu and Federation of Merchants' Associations, Singapore president Yeo Hiang Meng.

The scheme is funded by the $75 million worth of grants that Mr Heng had announced for the CDCs as part of last year's budgets.

"With a $20 million grant from the Ministry of Finance, the islandwide scheme defrays the cost of living for lower-income families, and supports local heartland shops and hawkers who are facing the impact of the pandemic," said Mr Heng.

He added that during his walkabouts in Bedok, merchants and hawkers had told him that the vouchers scheme had given their businesses a boost amid these uncertain times.

South West District Mayor, Ms Low, who is also chairman of the mayor's committee, said: "Despite being in phase three, there will be no let-up in our efforts, and the CDCs will continue to provide sustained support to the community and Singaporeans in need.

"Together, we can build a stronger and more resilient Singapore."

 

[jw5]

from straitstimes.com:

New high-tech lab that allows docs to customise treatment for patients with chronic diseases opens


SINGAPORE - A cutting-edge research lab that will allow doctors to offer personalised treatment of patients with chronic diseases such as hypertension was officially opened on Wednesday (Jan 27).

The centre uses technology called liquid chromatography coupled with tandem mass spectrometry that can accurately analyse clinical samples. This will help doctors tailor more individualised treatment instead of taking a one-size-fits-all approach.

The new facility - called the Shimadzu-CGH Clinomics Centre - is starting with tests for hypertension, which affects one in four adult Singaporeans and is a leading cause of heart disease and strokes.


The $500,000 mass spectrometer can take a tiny sample- 1 to 10 microlitre - of blood and accurately measure the two hormones -aldosterone and renin - that can identify the type of hypertension a patient has.

The machine can also detect a patient's hypertensive drug concentration from tiny urine samples, allowing doctors to ascertain if they are adhering to the medication schedule and to understand why their hypertension still persist despite medicine.

"Treatment of hypertension is not precise as each patient is different and their cause of hypertension may differ," said clinical assistant Professor Troy Puar, the principal investigator and consultant in endocrinology at Changi General Hospital (CGH), which is operating the lab with Japanese firm Shimadzu (Asia Pacific).


"When one medication does not work, doctors may choose to increase the dose, add another medication, or switch to another medication.

"By measuring precisely the hormone measurements that define the type of hypertension that each patient has from the outset, doctors are able to know which antihypertensive medication works best for the patient, thereby enabling delivery of precise and personalised medicine."

It is now understood that hypertension is due to either excessive vasoconstriction (tightening of blood vessels) or excess salt and blood volume. Also, about 5 per cent of hypertension patients have a curable form called primary aldosteronism, said Prof Puar.

Mass spectrometry has been used here only for research. This meant that for the past five years around 1,000 hormone samples a month from hypertension patients have been pooled and sent to United States labs. It takes about two weeks before the results come back.

The new lab, which was officially opened by Deputy Prime Minister and Finance Minister Heng Swee Keat, will reduce waiting time to about one to two days.

It could start receiving patient samples in as soon as six months, or up to two years, depending on how soon the required validations come," said Prof Puar and Dr Daryl Hee, a senior manager at CGH who is charge of the new lab.

It could eventually process samples from the region.

The opening ceremony, which was delayed by the pandemic, was held at Shimadzu's premises at Science Park Drive, with speeches by Shimadzu president Teruhisa Ueda, Mr Tetsuya Tanigaki, managing director of Shimadzu (Asia Pacific), and CGH chief executive Ng Wai Hoe.

 

[jw5]

from straitstimes.com:

$13.8 billion spent by Singapore Govt on Covid-19 response operations


SINGAPORE - A total of $13.8 billion was allocated for Covid-19 response operations by the Government in last year's budget, including $10 billion for medical and emergency operations and supplies, said Deputy Prime Minister Heng Swee Keat on Monday (Feb 1).

In a written reply to a question filed by Non-Constituency MP Leong Mun Wai, Mr Heng said the $10 billion was for expenditure that included the expansion of testing capacity, clinical management of Covid-19 patients, and for building contact tracing capabilities.

The sum, allocated to the Ministry of Health and the Ministry of Trade and Industry, was also used to secure critical medical and emergency supplies such as personal protective equipment.

Mr Leong asked for a breakdown of the 2020 Budget for items that total $100 million and above, as well as for the ministries and contractors involved in these expenditures.

Mr Heng, who is also Finance Minister, said a further $2.9 billion was set aside for the Ministry of National Development to set up and operate quarantine and dedicated stay-home notice facilities. This sum was also used to build new dormitories for foreign workers to reduce the population density and spread of infection.

Another $900 million was given to the Ministry of Manpower (MOM) to manage the Covid-19 outbreak in dormitories.

The total sum of $13.8 billion given to these four ministries was part of the $97.3 billion the Government committed over five Budgets last year to support the economy and society in fighting the pandemic, said Mr Heng. Up to $52 billion was drawn from the reserves.

More than 85 per cent of the $97.3 billion comprised direct transfers, grants and loans to eligible individuals, businesses and households, such as the Jobs Support Scheme - which gives employers wage offsets - and the Solidarity Payment, which gave all adult Singaporeans $600 in cash.

For medical and emergency supplies, Mr Heng said 10 agencies awarded contracts to more than 100 suppliers for the provision of equipment and services.

For Covid-19-related facilities such as quarantine facilities, temporary housing for migrant workers, as well as transport arrangements, 13 agencies engaged more than 150 supplies for their services.

The MOM also awarded contracts to more than 150 suppliers to provide food and telecommunications, among other things, to manage the impact of the outbreak in dormitories.

Mr Heng said that the unprecedented nature of the pandemic and global shortages meant there was a need to act swiftly in procuring goods and services.

"Agencies took care to engage suppliers and evaluate them on who could best meet the requirements while offering value for money. This includes using established contracts as well as establishing new links to diversify and secure emergency supplies that were in short supply globally," he added.

 

[jw5]

from straitstimes.com:

Heng gives breakdown of Budget allocations to combat pandemic


A total of $13.8 billion was allocated for Covid-19 response operations by the Government in last year's Budget - one of three major areas of spending to protect lives and livelihoods in the pandemic, said Deputy Prime Minister Heng Swee Keat yesterday.

In a written reply to Ms Foo Mee Har (West Coast GRC), Mr Heng said another $73.5 billion was set aside to give support for workers and businesses, while $10 billion went towards social and household support.

Ms Foo had asked how the $100 billion that had been set aside over five budgets to deal with the pandemic was spent, as well as the sum of any projected unused amounts.

Mr Heng, who is also Finance Minister, said the first priority was to protect lives. The $13.8 billion committed for public health efforts included expanding contact tracing capabilities to contain the virus and building the capacity to carry out over 50,000 tests a day.

Health supplies were secured to ensure front-line workers were protected, and additional healthcare capacity stood up. Early access to vaccines was also secured, he said.

"These efforts have helped Singapore to avoid the worst of Covid-19 so far. While we encountered serious challenges, we have kept our death rate low and brought community transmission to a manageable level," he said.

Giving a breakdown of the $13.8 billion in a separate written reply to Non-Constituency MP Leong Mun Wai, Mr Heng said $10 billion was given to the Ministry of Health and the Ministry of Trade and Industry for medical and emergency operations and supplies.

Another $2.9 billion was given to the Ministry of National Development for setting up and operating quarantine and stay-home notice facilities, as well as to build new dormitories for foreign workers.

A further $0.9 billion was given to the Ministry of Manpower (MOM) to manage the Covid-19 outbreak in dormitories.

The second major area of spending was devoted to protecting livelihoods, with $73.5 billion going to efforts such as the Jobs Support Scheme, for which $26.9 billion was allocated.

Tax and rental reliefs were also given to businesses, said Mr Heng, as well as additional support for the sectors most adversely affected by the pandemic, such as the aviation and tourism sectors.

SingapoRediscover vouchers, issued to Singaporeans to support local tourism businesses, are also included in this sum.

Beyond emergency relief, new jobs, skills and traineeship opportunities were created through the Jobs Growth Incentive and the SG United Jobs and Skills programme, which had achieved about 75,000 placements as at end-December last year, he noted.

Businesses are also being helped to transform and adapt to a post-Covid-19 world, so that viable jobs continue to be available, he said.

"We are starting to see some signs of stabilisation in the labour market. The Government will continue to monitor this closely and refine our policies," Mr Heng said.

As for the $10 billion set aside for social and household support, this included schemes such as the Temporary Relief Fund, Covid-19 Support Grant and Self-Employed Persons Income Relief Scheme, which have together helped over 500,000 people.

The minister said that while about $100 billion was committed, how much is used depends on the take-up of the schemes.

In some areas, such as the SG United Jobs and Skills programme, take-up has been stronger than expected, but less support was needed in other areas where market conditions turned out better than expected, he said.

"Overall, we expect that we will not fully utilise the $100 billion committed in FY2020," he said, but added that the Covid-19 fight is not yet over. "The pandemic rages on in other parts of the world. More infectious variants of the virus threaten to undo our good work."

"We will need to continue dedicating resources towards the fight against Covid-19 in FY2021," he said, adding that the revised estimates for the past fiscal year and detailed plans for the next will be presented in Budget 2021, scheduled for Feb 16.

 

[jw5]

HSK making apple juice.

 

[jw5]

from straitstimes.com:

Helping workers and businesses to adapt, innovate and grow a key priority for Budget 2021: DPM Heng

DPM Heng Swee Keat (left) being shown the fabrication process of lithium batteries by engineer Kevin Tan, during a visit to the Durapower R&D labs on Feb 5, 2021.


SINGAPORE - Helping workers and businesses to adapt, innovate and grow will be a key priority for Budget 2021, said Deputy Prime Minister and Minister for Finance Heng Swee Keat on Friday (Feb 5).

The Government will also continue to support workers and businesses, especially those in hard-hit sectors.

But Singapore must press on with the economic transformation it started five years ago, he added.

He said: "Covid-19 has accelerated innovation, put a premium on resilience, and greater priority on sustainability.

"There is no turning back the clock. While we deal with the present, we must also prepare our workers and businesses for a different world post-Covid."

He was speaking during a visit to technology firm Durapower's research and development laboratories on Friday.

Last year, the Government rolled out an unprecedented five Budgets, committed nearly $100 billion in Covid-19 support measures and drew up to $52 billion from past reserves in order to preserve jobs, support companies and help affected workers.

According to the Ministry of Trade and Industry's advance estimates released on Jan 4, Singapore's gross domestic product contracted by 5.8 per cent for the whole of 2020 - an improvement over the ministry's earlier forecast of a contraction of 6.5 per cent to 6 per cent made in November.

But while the worst of the fallout has been averted, the road to recovery will be uneven and highly uncertain, said Mr Heng.

He added that he will share more on helping workers and businesses to adapt, innovate and grow in his Budget statement on Feb 16.

He also outlined initiatives which were launched last year to help workers and businesses emerge stronger - from helping small and medium-sized enterprises and hawkers adopt digital solutions to support for promising start-ups and entrepreneurs.

Over 100,000 opportunities have been created for workers through the SGUnited Jobs and Skills Package, and more resources have been set aside to encourage job creation and train Singaporeans to work in new sectors, he said.

Some $25 billion has also been committed over the next five years for research, innovation, and enterprise.

Mr Heng observed that many companies are adapting and innovating to seek new opportunities during the crisis.

"It is not easy but we must persist. I am fully committed to support these companies through their journey of innovation and transformation," he said.

"Together, we can emerge stronger as an economy; together, we can create better jobs for our workers."

There will be live television and radio coverage of the Budget, which will be unveiled in Parliament on Feb 16. A live webcast will also be available on the Singapore Budget website.

On Monday, Minister for Sustainability and the Environment Grace Fu announced a Singapore Green Plan 2030 which will set ambitious green goals for each sector. She said that Mr Heng will speak more on the sustainability agenda during the Budget debate.

 

[jw5]

from straitstimes.com:

Budget 2021 to be delivered at 3pm on Feb 16


SINGAPORE - This year's Budget statement will be delivered next Tuesday (Feb 16) at 3pm by Deputy Prime Minister Heng Swee Keat.

The Straits Times will be providing live coverage as Mr Heng announces the details in Parliament.

There will also be live-streaming of his speech and a live blog on the ST website, as well as a Budget microsite and updates on ST's Facebook, Telegram and Twitter accounts.

With nearly $100 billion committed in Covid-19 support measures from five Budgets last year, this year's Budget is likely to be highly targeted, with resources directed at vulnerable segments of society and the worst-hit sectors.

Mr Heng, who is also Coordinating Minister for Economic Policies and Minister for Finance, said last Friday that helping workers and firms adapt, innovate and grow will be a key priority for Budget 2021.

In view of the evolving Covid-19 situation, post-Budget outreach and engagement plans, such as chit-chat sessions with residents, may be adjusted to ensure public health, the Ministry of Finance (MOF), the People's Association (PA) and government feedback unit Reach said in a joint statement on Monday (Feb 8). Updates will be posted by MOF, Reach and the PA on their websites or social media channels.

After Mr Heng's delivery of the Budget statement, members of the public can also submit their views through various online channels, including the Reach Budget 2021 microsite and Reach Singapore Facebook page.

Reach will also hold two virtual Budget conversations - in English on Feb 19 and in Mandarin on Feb 20.

The English session will be chaired by Education Minister and Second Minister for Finance Lawrence Wong, while the Mandarin session will be chaired by Minister for Trade and Industry Chan Chun Sing. They will be joined by Reach chairman Tan Kiat How, who is also Minister of State in the Prime Minister's Office and the Ministry of National Development, for both sessions.

In addition, Reach will have physical listening points set up at various high traffic nodes across Singapore to gather views on Budget 2021.

Separately, the Ministry of Trade and Industry said on Monday that it will release the Economic Survey of Singapore 2020 on Feb 15 at 8am. The report will include the overall performance of the economy, sectoral performance, sources of growth, inflation and employment for the fourth quarter and whole of 2020.

 

[jw5]

HSK wearing his personalized party mask.

 

[jw5]

from straitstimes.com:

Covid-19 Budget measures helped cushion recession's impact, save jobs: Finance Ministry

SINGAPORE - Budget measures to combat Covid-19 last year helped cushion the recession, saved or created some 155,000 jobs over 2020 and 2021, and shaved the rise in unemployment rate by 1.7 percentage points.

A total of $27.4 billion in grants - 18 times the amount given out in 2019 - was used to shore up beleaguered firms. Support was tilted towards harder-hit sectors, smaller firms and lower-income households, which mitigated the uneven impact of the pandemic and reduced inequality.

In its interim assessment of the impact of Covid-19 Budget measures released on Thursday (Feb 11), the Ministry of Finance (MOF) called the early data "encouraging". But it cautioned that the pandemic is not over and much uncertainty remains.

"The vaccine approvals at the end of 2020 boosted confidence, but wide-scale implementation of vaccination programmes globally remains challenging.

"The path to recovery will therefore likely be more long-drawn than expected," it said.

Deputy Prime Minister Heng Swee Keat said that while many of the schemes are ongoing, the report, which comes ahead of his Budget statement next Tuesday, shows they have helped to cushion the impact of the recession.

"Overall, the Covid-19 support measures have made a significant difference to keep our people safe and preserve our livelihoods. Job losses were averted, and shocks were cushioned. More help went to support families in need, which went some way to mitigate inequality," he said.

"The interim analysis is encouraging, as it showed that the schemes are achieving the outcomes that they were designed for.

The Government rolled out five Budgets last year, committing close to $100 billion, or 20 per cent of GDP, in measures to mitigate the impact of Covid-19.

Such measures, together with an accommodative monetary policy stance, halved the fall in GDP, which would have been at least 12.4 per cent had there been no policy support, according to estimates by the Monetary Authority of Singapore.

GDP shrank by 5.8 per cent for the whole of last year according to advance estimates by the Ministry of Trade and Industry, an improvement on its earlier forecast of a contraction of 6.5 per cent to 6 per cent made in November.

Of the $27.4 billion in grants given to businesses last year, about 80 per cent was for the Jobs Support Scheme (JSS) of wage subsidies to retain local workers.

Total fiscal support, including the JSS, helped save or create about 155,000 jobs on average over 2020 and 2021.

Under the JSS, those in the hardest-hit sectors such as aviation and tourism were among the "Tier 1" businesses eligible for the highest level of wage subsidies.

The Government covered 75 per cent of qualifying local wages in these businesses until last August, and another 50 per cent of salaries from September 2020 to March 2021. Support for other sectors tapered off to between zero and 30 per cent.

Firms were also kept afloat by financing schemes. Over 20,000 of them - 90 per cent of which were micro and small enterprises - had access to loans worth more than $17 billion from March to December.

Efforts were also made to promote job creation and reallocate workers into growth opportunities, said the MOF.

Nearly 76,000 job seekers and fresh graduates were placed into jobs, traineeships and training opportunities under the SGUnited Jobs and Skills Package as at December. The top five sectors for these placements were: information and communications, healthcare, manufacturing, professional services, and food services.

In September and October - the first two months of the Jobs Growth Incentive (JGI) scheme to spur employers to hire locals - 110,000 job seekers were hired by 26,000 employers.

Jobs aside, calibrated support for households also helped mitigate inequality.

Each household member received an average of $2,000 from Covid-19 measures such as the Care and Support Package (CSP), Self-Employed Person Income Relief Scheme (Sirs), Covid-19 Support Grant (CSG) and Temporary Relief Fund (TRF), with lower-income households and those living in smaller Housing Board flats getting more help.

The broad-based CSP accounted for 70 per cent of the benefits received, while lower-income households had extra support through programmes such as the Workfare Special Payment and grocery vouchers.

After taking into account Covid-19 measures and other taxes and transfers, Singapore's Gini coefficient - a measure of income inequality - fell from 0.452 to 0.375 last year, lower than 0.398 in 2019 and dipping below 0.4 for the second year in a row.

A Gini coefficient above 0.4 usually signals large income inequality.

"The redistributive impact in 2020 can be attributed to the design of the Covid-19 social support schemes, which were tilted to provide more help to those with lower incomes and who may lack other forms of support," the MOF explained.

Mr Heng said the Government has put in its "best effort" to support workers, businesses and their families during this difficult time.

The pandemic has created and accelerated many structural changes, and he will set out in his Budget statement how Singapore can emerge stronger from the crisis, he added.

"We will work together to build a Singapore that is economically vibrant, socially cohesive and environmentally sustainable," he said.

"At the same time, we need to continue to maintain fiscal discipline and strengthen our sense of togetherness."

 

[Hypocrite-The]

from straitstimes.com:

Covid-19 Budget measures helped cushion recession's impact, save jobs: Finance Ministry

View attachment 103613


SINGAPORE - Budget measures to combat Covid-19 last year helped cushion the recession, saved or created some 155,000 jobs over 2020 and 2021, and shaved the rise in unemployment rate by 1.7 percentage points.

A total of $27.4 billion in grants - 18 times the amount given out in 2019 - was used to shore up beleaguered firms. Support was tilted towards harder-hit sectors, smaller firms and lower-income households, which mitigated the uneven impact of the pandemic and reduced inequality.

In its interim assessment of the impact of Covid-19 Budget measures released on Thursday (Feb 11), the Ministry of Finance (MOF) called the early data "encouraging". But it cautioned that the pandemic is not over and much uncertainty remains.

"The vaccine approvals at the end of 2020 boosted confidence, but wide-scale implementation of vaccination programmes globally remains challenging.

"The path to recovery will therefore likely be more long-drawn than expected," it said.

Deputy Prime Minister Heng Swee Keat said that while many of the schemes are ongoing, the report, which comes ahead of his Budget statement next Tuesday, shows they have helped to cushion the impact of the recession.

"Overall, the Covid-19 support measures have made a significant difference to keep our people safe and preserve our livelihoods. Job losses were averted, and shocks were cushioned. More help went to support families in need, which went some way to mitigate inequality," he said.

"The interim analysis is encouraging, as it showed that the schemes are achieving the outcomes that they were designed for.

The Government rolled out five Budgets last year, committing close to $100 billion, or 20 per cent of GDP, in measures to mitigate the impact of Covid-19.

Such measures, together with an accommodative monetary policy stance, halved the fall in GDP, which would have been at least 12.4 per cent had there been no policy support, according to estimates by the Monetary Authority of Singapore.

GDP shrank by 5.8 per cent for the whole of last year according to advance estimates by the Ministry of Trade and Industry, an improvement on its earlier forecast of a contraction of 6.5 per cent to 6 per cent made in November.

Of the $27.4 billion in grants given to businesses last year, about 80 per cent was for the Jobs Support Scheme (JSS) of wage subsidies to retain local workers.

Total fiscal support, including the JSS, helped save or create about 155,000 jobs on average over 2020 and 2021.

Under the JSS, those in the hardest-hit sectors such as aviation and tourism were among the "Tier 1" businesses eligible for the highest level of wage subsidies.

The Government covered 75 per cent of qualifying local wages in these businesses until last August, and another 50 per cent of salaries from September 2020 to March 2021. Support for other sectors tapered off to between zero and 30 per cent.

Firms were also kept afloat by financing schemes. Over 20,000 of them - 90 per cent of which were micro and small enterprises - had access to loans worth more than $17 billion from March to December.

Efforts were also made to promote job creation and reallocate workers into growth opportunities, said the MOF.

Nearly 76,000 job seekers and fresh graduates were placed into jobs, traineeships and training opportunities under the SGUnited Jobs and Skills Package as at December. The top five sectors for these placements were: information and communications, healthcare, manufacturing, professional services, and food services.

In September and October - the first two months of the Jobs Growth Incentive (JGI) scheme to spur employers to hire locals - 110,000 job seekers were hired by 26,000 employers.

Jobs aside, calibrated support for households also helped mitigate inequality.

Each household member received an average of $2,000 from Covid-19 measures such as the Care and Support Package (CSP), Self-Employed Person Income Relief Scheme (Sirs), Covid-19 Support Grant (CSG) and Temporary Relief Fund (TRF), with lower-income households and those living in smaller Housing Board flats getting more help.

The broad-based CSP accounted for 70 per cent of the benefits received, while lower-income households had extra support through programmes such as the Workfare Special Payment and grocery vouchers.

After taking into account Covid-19 measures and other taxes and transfers, Singapore's Gini coefficient - a measure of income inequality - fell from 0.452 to 0.375 last year, lower than 0.398 in 2019 and dipping below 0.4 for the second year in a row.

A Gini coefficient above 0.4 usually signals large income inequality.

"The redistributive impact in 2020 can be attributed to the design of the Covid-19 social support schemes, which were tilted to provide more help to those with lower incomes and who may lack other forms of support," the MOF explained.

Mr Heng said the Government has put in its "best effort" to support workers, businesses and their families during this difficult time.

The pandemic has created and accelerated many structural changes, and he will set out in his Budget statement how Singapore can emerge stronger from the crisis, he added.

"We will work together to build a Singapore that is economically vibrant, socially cohesive and environmentally sustainable," he said.

"At the same time, we need to continue to maintain fiscal discipline and strengthen our sense of togetherness."

Prepare for GST 20% to replenish the coffers