he Covid-19 pandemic has no doubt impacted Singapore extensively the past two years, forcing businesses and individuals alike to deviate from tried and tested methods and policies in favour of novel ideas, so as to adapt to the ever-changing market conditions. Now, although the situation seems to be back on track to pre-pandemic conditions with Singapore finally starting to fully open up, we must still bear in mind that we are not out of the woods just yet.
The consequences of Covid-19 are far-reaching, with many still feeling the effects of the labour crunch brought about by the initial closure of borders. Traditionally Singapore, with its relatively small population, has always heavily relied on the efforts of foreign workers. With immigration brought to a standstill, manufacturers and distributors alike have been struggling to operate at the same levels of production amidst the manpower shortage.
In addition, the conflict between Russia and Ukraine has led to the disruption of certain trade routes, as well as a shortage in raw materials required for production. For instance, Russia is one of the biggest global exporters of crude oil, the shortage of which has contributed directly to the steep rise in petrol prices and led to rising inflation. This then directly translates to higher overhead costs for producers and suppliers alike, something that we in the electrical industry must be aware of and ready for.
Although the situation has been improving, there is still a possibility of Singapore undergoing a recession the following year. We as an industry must be prepared for constant fluctuations in the market, and be ready to adapt to new situations should the regulations change yet again. It is also of utmost importance that we work together as one to reboot the economy as Singapore starts to fully open up. Only then can we return to pre-pandemic conditions, or better.
The Singapore Electrical Trades Association (SETA) is glad to have the privileges to work together with Marshall Cavendish over the years, and looks forward to continuing this partnership in the many years to come. SETA wishes everyone well as we all emerge from the pandemic, stronger together.
Singapore Electrical Trades Association (SETA)