There is no V-shaped; now the optimistic scenario is a U-shaped recovery, a deep U, a fat U, and if we are lucky, gradually recovering from the later part of this year or early next year. 

But if we are not lucky, it could be an L-shaped problem – economy is still shrinking, after a while it doesn’t shrink so fast, it stops shrinking, but it stays at the bottom a long time before slowly picking up again, no growth or poor growth for several years to come.

PM Lee Hsien Loong

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