SINGAPORE — Stressing the need for countries to work together and share expertise in the fight against Covid-19, Prime Minister Lee Hsien Loong on Thursday (March 26) called world leaders to “resist the urge to turn inwards and discard globalisation completely, because autarky will result in a poorer world for all”.  

In his statement at the virtual Group of 20 leadership summit, Mr Lee pointed out that the pandemic is “proof of our interdependence, not an indictment of globalisation”. 

He said: “It highlights the need for more cooperation between countries, not less. As leaders, we must work together after the crisis to rebuild domestic confidence in the merits of a globalised world. It will not be easy to find the right balance, but this is how we can emerge from the crisis stronger and more resilient than before.” 

He described Covid-19 as the “gravest crisis the world has faced in a century”. 

“It threatens the health of all 7.8 billion people on our planet, and its economic impact may exceed even the Great Depression. A global solution is needed.”

He suggested three areas of collaboration: Public health, economy, and science and research. 

He noted that many countries, including Singapore, have taken decisive steps to contain the outbreak — by testing, tracing and quarantining suspect cases; tightening border controls; and imposing safe distancing. 

These measures slow down infection rates, relieve healthcare systems and, hopefully, minimise fatalities, he said. 

However, even if each country succeeds in eradicating the virus within its own borders, “we remain at risk of importing new cases from other countries”. 

“All of us are only as strong as our weakest link. Thus, we must cooperate, share expertise and experience, and help one another,” he added.

Turning his attention to the global economy, Mr Lee said that it was already under pressure before Covid-19. Now, it is collapsing. 

“Every government is doing everything possible to save businesses and jobs. At this point, it is critical that financial markets do not seize up. I am glad that our finance ministers and central bank governors are coordinating fiscal and monetary policies to prevent this.” 

On science and research, Mr Lee said that countries should bring together their scientific communities and resources to develop a cure or vaccine for Covid-19. 

“This will shorten the crisis and save lives. Covid-19 will end eventually, but it will not be the last pandemic the world will face,” he said. “We should therefore learn from our experience, and strengthen our preparedness for future pandemics, in the same way as some Asian countries had emerged stronger from our experience with Sars (severe acute respiratory syndrome).”

In the longer term, the crisis will “change globalisation as we know it”, Mr Lee said. 

“What was unthinkable just two months ago, for example, border restrictions in the Schengen area, is now reality,” he said, referring to the Schengen zone that allows free passage among 26 member countries in the European Union (EU) and other non-EU nations such as Switzerland and Norway. 

He noted that naturally, countries will now want more safeguards against the risks of globalisation, and to strengthen national capabilities to reduce dependence on others. 

“Stronger assurances of supply chain reliability and safer human mobility will be needed. A more hard-headed, pragmatic internationalism may arise,” he said. 

The summit was the first conducted via video conference in the history of the G20. It was attended by leaders of G20 members, guest countries and relevant international organisations.

Singapore is not a member of the G20 but has been invited to take part in the summit several times.