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How Singapore Is Fast-Tracking Its Economic Recovery
Singapore’s Covid-19 response is considered one of the most successful in the world. The government’s circuit breaker period, strong healthcare system, and efficient administrative action have helped keep Covid-19 cases at bay as the country adjusts to the new normal. More than 113,000 Singaporean healthcare workers and elderly citizens have received the first round of the Pfizer-BioNTech Covid-19 vaccine. There’s still plenty more people to vaccinate, but this latest coronavirus update bodes well for the country, which is relying heavily on vaccinations to help recover its economy. So how will Singapore accelerate post-pandemic economic recovery? First off, vaccines will play a huge part.
Free Vaccinations
Singapore’s population of 5.7 million people will all be able to get a Covid-19 vaccine for free. All Singaporeans and long-term residents will be eligible for a free vaccine, but migrant workers will need to wait for a government update to confirm if they can receive a free vaccine as well.
While vaccination will be free, citizens aren’t required to take it even if they’re strongly encouraged to. The Ministry of Health, however, has stressed that vaccinations are key to protecting the country from the coronavirus and to recovering and reopening the economy.
Vaccination Hub
As an Asian center for travel and trade, Singapore’s economic health will lean heavily on the coronavirus status of other nations. This is why Singapore is planning to establish itself as a distribution center in the region for vaccines, thus assisting the struggling airline industry by giving them the task of transporting vaccines to other nations.
The Ministry of Transport has stated that it has the capacity to handle temperature controlled cargo. This is important as some vaccines, like the Pfizer-BioNTech vaccine, are more temperature sensitive and will require cold storage to remain effective.
Events in the New Normal
While Singapore is taking extra precautions to ensure the virus doesn’t spread, it’s also a prime example of how people have learned to live with the pandemic. The country has rolled out its “antigen rapid tests,” which yield results within 20 minutes, at select events and has plans to deploy these tests at future conferences, like the World Economic Forum in May.
Events and conferences are an important part of the Singapore economy. Prior to the pandemic, the events industry provided over 34,000 jobs and was worth over $3.8 billion. With the use of antigen rapid tests, the events industry might be able to get back on its feet.
World’s First Business Travel Exchange
Aside from transporting vaccines, another way Singapore will jumpstart the airline industry is by launching the world’s first ever business travel exchange. As a regional hub, business and leisure travel are crucial for the economy. Since leisure travel will be off the table for a while, business travel is the next best option.
Soon, Singapore will be testing this business travel exchange system, which will act like a travel bubble. Guests can stay and meet at the Connect@Changi center located near the Changi Airport. At this remodeled hotel, Singaporean entrepreneurs will be able to meet with international visitors in conference rooms decked out in floor-to-ceiling glass dividers. These business travelers will undergo regular testing and will not be allowed out of the facility.
Not only will it give the airline industry a lifeline, it will also provide 800 jobs in construction, maintenance, and services just to support the travel exchange center.
Green Lanes and Travel Bubbles
Mandatory quarantine has made travel virtually impossible for most countries around the globe, but Singapore plans to work around this with its “travel bubbles” and “green lanes.” These bilateral travel agreements let business travelers visit Singapore without having to undergo two weeks of quarantine upon arrival.
All travelers still need to be tested for Covid-19, and the rules differ a little depending on the other country of origin, but the gist is that travel bubbles and green lanes will help businesses, industries, and the economy as a whole.
With a comprehensive vaccination program and plans to uplift trade and travel, the Singapore economy will be back on its feet in no time. Jobs are another way to jumpstart the economy, so check out JobStreet for the latest openings.
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