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