Part 5/11:
The pandemic’s unprecedented global impact disrupted Singapore’s economy and industries. The speaker shares how the aviation sector, heavily reliant on international travel, faced severe revenue losses. Decisions around raising liquidity—either a modest $500 million or a larger sum—were fraught with difficulty but necessary for survival.
Singapore’s economy shrank by 5.8% in 2020, marking the worst recession since independence. Leaders faced the dilemma of whether to restrict activity entirely or to gradually wind down operations. A measured, phased approach was adopted to maintain essential services, trade, and manufacturing, avoiding the chaos that a binary shutdown would entail.