fbpx
Connect with us

News

8,663 Businesses In S’pore Foced To CLOSE DOWN Due To Losses From Covid-19 Pandemic

Published

Pjimage 2020 05 12T104433
Source: Business Insider & TODAY

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

The Covid-19 pandemic in Singapore lead to the Monetary Authority of Singapore (MAS) confirming that the country will enter into a recession this year. Singapore even announced a circuit breaker which has been extended until the 1st of June 2020. The pandemic and circuit breaker combined has forced a total of 8,663 businesses to close down in April which is more than double the number of cessations in March.

C6310B2Cc10C4D389617675Bac8B97B4 18

Out of this 8,663, 403 are of restaurants. These numbers are worrying as the closings are triple than when then the country was hit by the SARS epidemic and double than the 2009 financial crisis. A private bank economist said that this is just the beginning of Singapore’s bankruptcy.

“If there is no significant improvement in the global pandemic and no preventable vaccines, countries will not be able to open the border, and there will be very few business trips and travelling abroad. “

The length of the recession is still unknown due to factors such as the transmission of the virus and the time taken for other countries to recover fully from this pandemic. DBS Bank economist Xie Guangwei pointed out that the number of failures in the next two months should be “very ugly” due to the blockade measures.

Ap20109388845983 1

What do you think of this economic downfall Singapore is set to experience? Let us know in the comments section!

 

Also read: Singapore-Educated Researcher Who’s About To ‘Make Big Discovery’ On Covid-19 Shot Dead In The US

Befunky Collage 2

Source: Al Jazeera
Source: Time

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Feat Image Haniff Najib Wan Ji Feat Image Haniff Najib Wan Ji
News16 mins ago

“For security purposes” – Prominent M’sian Lawyer Says Najib Deserves Different Treatment in Jail

Previously, we shared how a former Kajang Prison inmate Wan Ji claimed that former Prime Minister Datuk Seri Najib Razak...

My Post 1 2024 03 29T144007.779 My Post 1 2024 03 29T144007.779
News60 mins ago

M’sian Mum Bashed for Accusing Foreigners of Attempted Kidnapping & Allowing Her 1YO to Walk Up Spoilt Escalator

Just a couple of days ago, 2 foreign workers were arrested for allegedly attempting to kidnap a 1-year-old child at...

Feat Image Kj Padu Feat Image Kj Padu
News2 hours ago

Khairy Jamaluddin Became Victim of Identity Theft After Someone Used His IC Number to Sign Up for PADU

Registrations for the Central Database Hub (PADU) will be closed this Sunday (31 March) and it looks like the database...

Collage123 2 Collage123 2
News2 hours ago

PETRONAS Earns the Crown of the Strongest Brand in the Oil & Gas Sector Worldwide!

With billions of cars driving on roads all around the world, using petrol is a big part of daily life...

My Post 1 2024 03 29T124131.137 My Post 1 2024 03 29T124131.137
News3 hours ago

“T20 wants to go shopping 1st” – M’sians Outraged by Delay in High-Value Goods Tax

On January 1, 2024, the Malaysian government implemented the Low-Value Goods (LVG) Tax, which imposed a 10% tax on the...

Collage 1 9 Collage 1 9
News4 hours ago

Former Inmate Claims Najib Wears Regular Clothes Like He’s at Home, Prison Dept Responds

It’s been nearly 2 years since Najib Razak went to prison but rumours about his “lifestyle” in prison is still...

Collage111 3 Collage111 3
News5 hours ago

FREE Toll for Class 1 Private Vehicles on April 8th & 9th for Hari Raya!

Exciting update for Malaysians! The government has just announced toll exemptions for Class 1 private vehicles on April 8 and...

My Post 1 2024 03 29T094758.488 My Post 1 2024 03 29T094758.488
News7 hours ago

M’sians Want to Boycott Tourism to Thailand Over Approval of Same-Sex Marriage Bill

It appears that Malaysians are becoming accustomed to boycotting, with calls to snub businesses and more should there be something...

Announcement

Latest Videos



TRENDING TODAY