Midway into 2020, we face a vastly different landscape from the world as we knew it in January when we were anticipating the key trends for this year. Indeed, Covid-19 has wreaked havoc on businesses and economies across the globe. Singapore’s GDP forecast for 2020 is now -4 to -7%, down from the estimate of +0.5 to +2.5% before the pandemic. At a much more fundamental level, the pandemic is transforming the way we live, work and think about the future. From 3D-printed medical supplies to industrial robots and augmented reality (“AR”) apps, Covid-19 is stretching the power of human ingenuity and courage. In the words of Deputy Prime Minister and Finance Minister Heng Swee Keat, Covid-19 is a “mighty storm” that has damaged sails and forced ships into harbour. During this time, it is critical that we “upgrade our ship and install new instruments, re-orientate our mental compass, and strengthen our sailors, so that when the fair wind comes, we will sail out faster and further than ever before”.
In this article, we take stock of 10 key trends in this new normal.
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