fbpx
Connect with us

News

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

Published

on

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

Pjimage 2021 06 22T143014 Pjimage 2021 06 22T143014
News38 mins ago

“Vaccine or jail” Philippines’ President Threatens To Imprison Those Who Refuse Covid-19 Vaccine

Imagine how the tables would turn if this was implemented in Malaysia. With the pandemic in its current state, you...

My Post 2021 06 22T122103.862 My Post 2021 06 22T122103.862
News2 hours ago

10 People Fined RM23,500 For Flouting SOPs At Illegal Snooker Centre In Johor

10 individuals, including the supervisor of an entertainment centre, were arrested after being suspected of violating the standard operating procedures...

Lock Lock
News3 hours ago

Emotionally Distraught Man In Seremban Locks Family In House After Losing Job Due To MCO

A man from Seremban locked his family in their house after experiencing emotional stress from losing his job due to...

Elephant Elephant
News4 hours ago

Elephant In Thailand Breaks Down Kitchen Wall & Rummages Around Looking For Food

It was a terrifying moment when a man from Thailand discovered an adult elephant poking its head through his kitchen...

Ambu Ambu
News1 day ago

Motorcyclist Injured After Beating Red Light & Crashing Into Ambulance In Selangor

A 37-year-old motorcyclist crashed into an ambulance after beating a red light in the Hulu Selangor district and suffered injuries...

Pjimage 2021 06 21T125619.745 1 Pjimage 2021 06 21T125619.745 1
News1 day ago

Government Considering Relaxed Rules, Interstate Travel For Fully Vaccinated People

The Hungary vs France match during the weekend was a wake-up call for us. The match took place in Budapest’s...

Ppv Ft Ppv Ft
News2 days ago

Bukit Jalil National Stadium PPV To Open Tomorrow, Focusing On Vaccinating Those Under 40yo

The Bukit Jalil National Stadium vaccination centre (PPV) will begin operations tomorrow (21 June 2021). According to the Minister of...

Picture 1 14 Picture 1 14
News2 days ago

MOE Is Looking To Hire Over 18,000 Teachers With A One-Off Hiring Process Starting 7 July

The Ministry of Education (MOE) is looking to recruit teachers on a ‘one-off’ basis to fill the vacancies throughout the...

Announcement

Latest Videos



TRENDING TODAY