Singapore must chart a new path now, says Trade Minister after announcing H1GDP contracted 6.7%

Firms with good opportunities in areas such as biopharma, supply chains and precision engineering will be given a boost. -PHOTOS: ST FILE

SINGAPORE, Aug 11 (The Straits Times/ANN) : Singapore will not return to a pre-Covid 19 world, and must chart a new path by building a new economy now, said Trade and Industry Minister Chan Chun Sing.

At a press conference on Tuesday (Aug 11) where it was announced that Singapore's economy contracted 6.7 per cent in the first half of this year and is expected to shrink by between 5 and 7 per cent this year, Mr Chan said the "painful truth" is that the country will not return to a pre-Covid 19 world.