Pricing & Plans

Coronavirus Likely to Hamper Singapore’s Economy this Year

  27 Jan 2020        Health
Coronavirus Likely to Hamper Singapore’s Economy this Year

Singapore’s economy is expected to witness fall this year owing to the outbreak of coronavirus. The city has announced measures to handle the outbreak that originated in China and gradually spread to the city and other countries.

The Southeast Asian travel and tourism hub registered its lowest growth rate last year in the whole decade with 0.7%. There have been 80 reported cases of people who have been killed by this virus in China so far.

Chan Chun Sing, trade minister said that they are expecting this outbreak to affect the country’s business, economy, and consumer confidence this year as the current situation is still expected to prevail for some more time.

He added that the government is contemplating offering support measures to sectors that have witnessed hard-hit such as tourism, which include worker levy cuts, rebates, and property tax.

Chinese nationals account for the largest share of visitors to Singapore, which was one of the worst affected countries outside China during the Severe Acute Respiratory Syndrome outbreak in 2003 that accounted for 800 deaths globally. The current growth forecast of Singapore is ranging from 0.5-2.5% for the current year. Chan is a part of government’s taskforce that has been assigned to tackle spread of coronavirus in Singapore.

The taskforce on Monday has undertaken new measures to control the spread of the virus by urging all school staff and students with latest travel history to China to stay back at home for at least a fortnight. Many ethnical Chinese and families living in Singapore are travelling home to China for Lunar New Year holidays. The new measures would include temperature screening of all inbound flights to Singapore along with issuing advisory for travellers to postpone all un-important trips to mainland China.

The death toll from coronavirus in China has reached 80 on Monday. The residents of Hubei province are banned from entering Hong Kong in the midst of global exertion of trying to control the spread of virus. The virus has spread to more than 10 countries up till now including France, Japan, and United States.