Foreign

Singapore fears economic impact of coronavirus will exceed SARS

Published

on


Singapore’s economy “will take a hit” from the spreading coronavirus, Prime Minister Lee Loong, said on Friday while inspecting health screening measures at the city-state’s international airport.


Lee said that the economic impact of the disease, also known as Covid-19, will likely top that of the Severe Acute Respiratory Syndrome (SARS) outbreak of 2003.

SARS which resulted in reduced commerce and travel across East and South-east Asia, saw Singapore’s wealthy, trade-based economy shrink by 0.3 per cent during that year’s second quarter.

The coronavirus death toll has already exceeded that of SARS.

Lee warned that, although Singapore was free of SARS within four months, the timetable for coronavirus “may not be so fast.”

He said that coronavirus would have a bigger impact as “economies of the region are much more interlinked together.’’

“China, particularly, is a much bigger factor in the region,” Lee added.

China accounted for 17 per cent of Singapore’s exports and 19 per cent of visitors in 2019, more than double the numbers during the SARS crisis, when China’s gross domestic product was roughly one-eighth its current size.

The Singapore Government will announce its 2020 Budget on April 18.

Measures are expected to counter the likely impact of reduced trade with and tourism from China, with the Finance Ministry pledging “targeted support to the sectors that have been more directly affected”.

Singapore’s GDP growth dropped from 3.1 per cent in 2018 to 0.7 per cent in 2019, largely due to disruptions to electronics exports caused by the China-U.S. trade war.

Lee said on Friday that a recession is “possible” this year. 

Edited By: Fatima Sule/Isaac Aregbesola

https://nnn.ng/singapore-fears-economic-impact-of-coronavirus-will-exceed-sars/

Inter hits two late goals to beat Fiorentina 4-3 Beaten Betis coach Pellegrini blames VAR in defeat to Real Madrid COVID-19: Nigeria cases now 58,198 with 49,722 discharged Ministry official advocates regular dog vaccination to end rabies by 2030 COAS inspects ongoing projects in Army Super Camp, Ngamdu School resumption: Expert advocates provision of clean water to check spread of infections Armed Forces College holds memorial service for 1992 Ejigbo plane crash victims Increased tariff: Previous administration created problem in power sector Scores of terrorists killed in massive airstrikes on hideouts in Borno – DHQ Wike promises early completion of 258-bed mother, child hospital in Port Harcourt Yobe IPAC agrees with LG elections postponement Brazil court postpones league game after several COVID-19 positive tests Don charges media on changing maternal health narratives FG hands over Ogoni remediation sites to NOSDRA for scientific analysis Chilean team discover match postponed after 1,500 km trip Buhari condemns attack on Gov. Zulum’s convoy, killings of security agents Edo election: We have learnt our lesson — APC Environmental: Kano Govt deploys 1,000 sanitation vanguards Christian women pray over insecurity in Jos Chelsea recover from 3 goals down to draw at West Brom Ondo 2020: No plan to collapse our structure for another party – ZLP Structure NGO tasks youths on self-development, empowers 100 with N200, 000 each FG set to address flooding as HYPPADEC takes off soon Police, vigilante group apprehend 3 bandits in Oyo DPR reinforces revenue collection channels COVID-19: PTF urges religious leaders to ask congregation to wear facemask NERC working on ways to monitor quality of service -Commissioner  Federal lawmaker presents car gifts to campaign coordinators in Ibadan Gov. Zulum mourns Col. Dahiru Bako killed by insurgents in Borno NCDC announces 195 new COVID-19 cases, death toll hits 1,100 NSE, others commit to expanding retail investment opportunities in capital market Imo Govt. moves to restore Owerri masterplan to check flooding Cyber-security: CSCS chief, others say collaboration key APC congratulates Gov. Obaseki on his re-election as Edo State Governor Tinubu hails wife at 60 No directive to constitute disciplinary c’tee against us — Ojudu, others NCAA to revoke erring airlines license over non-compliance with COVID-19 protocols African tourism leaders recommend MICE for sectoral recovery  We have finally caged the lions from Edo politics, says Gov. Obaseki Awosika, Dare, others to speak at NBC Youth Summit Edo speaker congratulates Obaseki, commends Buhari, INEC, others  Konsa seals Villa win over 10-man Sheffield United Group condemns attacks on women during governorship election in Edo COVID-19: NCDC says Nigeria not testing adequately Police arrest 96 suspects over alleged cultism, robbery in Benue Gov. AbdulRazaq announces committee on Saturday’s rainstorm in Kwara Edo election: Observer faults integrity of governorship election Motorists decry state of roads in Kuje Kaduna NLC mourns Emir of Zazzau Health Minister says 10% of COVID-19 cases are under-19