Vaccine distribution in Singapore is not happening soon, according to the co-chair of Singapore’s Covid-19 task force.
“We’re certainly encouraged by it, it’s very promising, but I would say also that the vaccine is not a silver bullet to end the pandemic,” Lawrence Wong said during an interview on “Squawk Box Asia." “We should not put all our eggs into the vaccine basket," he added.
Wong's statements came one day after biotech firm Moderna's announcement that their trials reveal its vaccine is more than 94% effective in treating Covid-19. Pfizer said last week that its vaccine is more than 90% effective.
Wong, who is also Singapore's education minister, acknowledged that the developments were good news, but there is still “a long way to go” before the safety and efficacy of the vaccines are confirmed. It will take time for vaccine distribution in Singapore to take place, he stressed.
“We should not look only at vaccines,” he said. “We really need all the tools at our disposal, and that includes testing – having more effective ways of testing beyond the ‘gold standard’ of the PCR test.”
Polymerase chain reaction (PCR) tests are regarded as the most accurate in determining coronavirus infections but require a long time to find the results.
“Developing new rapid tests that are cheaper, simpler, easier to administer, that’s very important to ensure more comprehensive testing,” said Wong.
He noted that observing simple measures such as wearing masks, having small social gatherings, and physical distancing is “highly effective” in keeping the virus under control.
“We really need all of these to come together – vaccines, testing, safe distancing, contact tracing,” he noted.
The minister believes that Singapore could only enter the third stage of reopening if the conditions are right.
“This is like … a fire that has just been put out. The embers are still around, and it only takes a small spark to get the fire raging again,” Wong said.
Singapore imposed a partial lockdown in April and has resumed its economy in phases since June. Phase two began in mid-June.
“When can we get to phase three? I’ve emphasized this, that it’s not about rushing into phase three, but making sure that we do it right,” Wong noted.
“We will do our darndest to go through phase 3, resume activities progressively without having to enter into another circuit breaker or lockdown,” he said. “I don’t think anyone wants to go through that again.”
Singapore's economy
Singapore’s economy contracted by 7% in the third quarter as the country gradually loosens lockdown to allow more activities.
Official estimates from the Ministry of Trade and Industry indicate that Singapore’s economy rebounded by 7.9% in the July-to-September period. This suggests a reversal from the 13.2% contraction in the second quarter.
The Southeast Asian economy experienced a 7% contraction in the third quarter compared with a year ago, the ministry reported. That somehow missed the 6.8% year-over-year contraction predicted by a Reuters poll of analysts. This was deemed slower than the revised 13.3% year-on-year decline in the past quarter.
“The improved performance of the Singapore economy in the third quarter came on the back of the phased re-opening of the economy following the Circuit Breaker that was implemented between 7 April and 1 June 2020,” the ministry’s statement read.
