Everything About PM Lee’s Speech Summarised & Simplified for You (With Some New Info)

Now, if you just want a very concise one-sentence summary of PM Lee’s speech today, here’s one:

It’s just like the speech that he made in February, when we watched him speak while sipping bubble tea.

Summarising PM Lee’s speech is like summarising a three-minute Nas Daily video—you can’t do it because there’s just one point.

And today’s key point?

COVID-19 is going to stay with us for a long time, and we need to be strong to fight this crisis.

But I’ll do my best to expand on the points.

COVID-19 is Here to Stay

Billions of people have told us this, but today, we know this again: until a vaccine is found, the world isn’t going to be the same, and we’ve to change the way we work, play and socialise.

Short weekend trips to Bangkok or Hong Kong would be a thing of the past; some jobs will be gone forever and workers have to upskill to stay relevant.

The vaccine might take more than a year to be readily available, so we’d have to get used to this disruptive world. The older generations have gone through various crises, so we can, too.

Impact on the Economy

Ah, there’s something new here.

As we’ve known, Singapore has spent almost $100 billion to help businesses and individuals during this trying period, and could do so without borrowing due our past reserves.

Other countries usually borrow (sometimes by selling bonds to people—which essentially means borrowing from rich people) to fund their support packages.

And just as you think that President Halimah is the best ATM ever, PM Lee said, “But even for us, this level of spending is hard to sustain. More importantly, these measures cannot shield us from the tectonic shifts taking place in the global economy.”

You see, Singapore depends a lot on trade for its economy; we’re a small country with no natural resources.

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Whatever happens globally would affect us; if prices of oil increase, we’d suffer, too (though if you’ve downloaded our app and come in daily, you’d know that oil prices have dropped to a record low as no one’s driving now).

If prices of tea leaves increase, Gong Cha is going to increase the price of their bubble tea and that’ll hurt our wallet.

So for anyone who still thinks that Singapore is so wealthy that we should give $5,000 to each Singaporean every month until COVID-19 is over, think again.

It’s Going to be a Troubled World

Did you notice that bosses are the ones who are having headaches nowadays, while we employees are glad that we can work from home?

That’s because as each business tries to stay afloat, it’s become a dog-eat-dog world: landlords are arguing with tenants and clients aren’t paying because #COVID19

This occurs between countries, too.

Countries now have to be less dependent on one another, because with the crisis, it’s become a dog-eat-dog world.

PM Lee said, “Countries will have less stake in each other’s well-being. They will fight more over how the pie is shared, rather than work together to enlarge the pie for all. It will be a less prosperous world, and also a more troubled one.”

Reader Bao: But I read the news and it seems like every country is helping each other. I nearly cried reading how goody the world is seh

Well, Mr Bao, you should really watch more political drama to see how world leaders shouted at each other when the doors are closed, and smiled then shook hands when the doors open.

Singapore is Prepared for the Years Ahead

PM Lee then said, “We have a full agenda for many years to come.”

Reader Bao: Okay, so?

So please stay tuned for the next episode, which will be broadcasted next Tuesday, 9 June 2020, at 7:30pm, guest-starring Minister for National Development Minister Lawrence Wong.

Reader Bao: I’m cancelling the subscription.

You can watch the full speech here: