In his televised speech to Singaporeans, Prime Minister Lee Hsien Loong confessed that his government has not reported the full economic situation during the coronavirus recession.
Warning Singaporeans that the worse is coming with higher unemployment rate, Lee Hsien Loong said:
“Economically, we must brace ourselves for a very tough period ahead. Singapore has not yet felt the full economic fallout from COVID-19, but it is coming. Singapore has not yet felt the full economic fallout from COVID-19, but it is coming. Despite all the measures we have taken, there will be more business closures, and more retrenchments in the coming months. Unemployment will go up.”
In April, the Ministry of Manpower reported only 2.4% in unemployment rate. This is only a 0.1% rise from the previous quarter. Many Singaporeans do not believe the government employment report, calling it “fake news” – as most shops and offices have closed.
Singaporeans have been looking forward to the July 10 election to punish the ruling party PAP dictatorship for their mistakes over the coronavirus outbreak, which led to the Singapore economy suffering harder than it should.