Countries Soaring toward Rebound After the Pandemic

The COVID-19 pandemic emerged as a scenario that caught the world off guard, leaving governments across the globe unprepared to handle such a crisis. Businesses worldwide were affected by closures and shifts in consumer behavior. The decline in foot traffic and the shutdown of tourism had a significant toll on both local and global economies. The panic among people led to a drastic change in spending patterns. In tackling this issue, a number of countermeasures are carried out by governments to effectively navigate the unseen circumstance and rejuvenate the standing of their nations.

GOVERNMENT’S ROLE IN FUELING RECOVERY

It has been two years since the initial outbreak and subsequent lockdown. From that time, the world has been striving to recover from its prolonged impact. However, gaining back the strength from such a calamitous event is proving more difficult than anticipated. In order to efficiently rebound from COVID-19, it is vital for countries to bolster their business resume that enables them to track progress and increase resilience. Governments should consider revising their current policies to attract more foreign investors, which could entail incentives, reduced trade tariffs, and streamlined processes of opening businesses. Nevertheless, a successful rebound should not solely derived from business perspectives. Recovery efforts should be implemented with the goal to revive both the economy and the well-being of people and planet, taking the 3Ps (Profit, People, and Planet) into account. This approach allows the progress and planned strategies to be well-rounded, addressing all three key components of fostering a profitable yet sustainable business ecosystem.

SINGAPORE’S EXEMPLARY PATH TO ATTAIN REVIVAL

During the healing process from COVID-19, Singapore has undertaken several policy revisions to create an environment that stimulates foreign investment and sustainable businesses. Their efforts have yielded significant results, with Singapore ranking 2nd out of 190 countries as identified by the ease of doing business. They have also established a double tax agreement, preventing companies engaged in international business transactions and already taxed in a foreign country from being taxed on the same income in Singapore. Furthermore, Singapore provides a concessionary tax rate of 15%, serving as incentive for international organizations to set up their headquarters there. Simultaneously with their continued endeavors to leverage economic restoration, the government remains steadfast in prioritizing sustainability. The Enterprise Development Grant (EDG) supports SMEs, allocating up to 50% of eligible costs for local SMEs, while sustainability-related projects may receive up to 70% subsidy.

GREAT INFRASTRUCTURE IN SINGAPORE

According to the Mercer survey titled “City Infrastructure Ranking 2012,” which assessed 221 cities around the world, Singapore secured the first spot in regard to city infrastructure. The ranking was based on criteria such as electricity measures and water availability, info-communications network, public transport system, traffic congestion, and airport effectiveness. A robust infrastructure can be vital for the recovery of a country after experiencing a massive loss like the pandemic. In 2016, Singapore invested roughly 5% of its GDP in infrastructure, with projections indicating a rise to 6% by 2020. Moreover, crafting a GREAT infrastructure can enhance the talent pool available, with Singapore’s multiculturalism also adding to its appeal for foreign organizations seeking to set up a base there. Focusing on the construction of a strong infrastructure by addressing the People and Planet, Singapore demonstrates a functional implementation of the Triple Bottom Line, which embodies core ideals that can further benefit organizations and countries.

As countries proceed to rebound from the aftereffects of the pandemic, governments play a crucial role in supporting businesses for a successful economic rejuvenation. One way for governments to achieve this is by creating attractive incentives for foreign investors and organizations, such as tax agreements or government subsidy funds. This involves meticulous attention to detail and unwavering dedication to build a strong infrastructure that sustains and stimulates business activity. Essentially, this year’s theme of the United Nations High-level Political Forum (HLPF) emphasizes not only the recovery aspect of business efforts but also underscores the importance of sustainable growth to fully implement the 2030 Agenda and fulfill the Sustainable Development Goals (SDGs).

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