The coronavirus outbreak has affected many countries in the world. Singapore as an international city has the highest number of cases in South East Asia as of 14th June. This is largely due to its extensive testings of the Coronavirus in its community. Many Singapore SMEs are heavily hit in this pandemic.
As of 14th June, the total number of cases in Singapore has crossed the 40,000 mark
This has a significant impact on the business in Singapore. Before the virus outbreak, the GDP growth rate for Singapore was estimated to be 1% – 2%. But now both the Ministry of Trade and Industry and economists have downgraded the forecast for 2020. MTI downgraded its economic growth forecast to be in the range of -0.5% to 1.5%. DBS Bank cut its forecast from 1.4% to 0.9%. Singapore’s economy had been doing well in the last quarter of 2019 with 1% growth year-over-year in the fourth quarter of last year. Improving upon the estimate of 0.8% but Covid-19 has put a dampener on this.
Then government roles out 4 different Budgets with the latest being the Fortitude Budget. This has slowed the business closure in Singapore and cushion the effects of a fallout from the businesses.
Business such as Small Medium Enterprise ( Singapore SMEs) in the Tourism sector are badly hit.
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