Singapore's Economy Will Be Depressed Due To Corona Virus

Marina Bay Sands in Singapore. (Photo: Unsplash)

JAKARTA - The Singaporean government has stated that the Corona virus outbreak will suppress its domestic economic performance this year. Singapore's Minister of Trade, Chan Chun Sing said, the deadly virus would affect the confidence of business people and consumers there.

"We estimate there will be an impact [Corona virus] on our economy, because it will affect business and consumer confidence this year, especially if the situation drags on," said Chan, as quoted by Reuters, Monday, January 27.

Singapore recorded economic growth of 0.7 percent in 2019, the lowest in 10 years. In 2020, Singapore expects its economic growth range to be slightly wide at 0.5 percent to 2.5 percent.

So far there have been four reported cases related to Corona virus infection in Singapore. Chan added that the Singapore government was considering several concessions that could help several sectors affected by the corona virus, such as the tourism sector, such as by providing tax breaks and cutting worker levies.

Previously, Singapore had become the country outside China with the worst infection rate of the Severe Acute Respiratory Syndrome (SARS) virus in 2003. At that time, the SARS virus killed around 800 people globally.

Chan, who is also part of the Task Force formed by the Singapore government to contain the spread of the corona virus, said that his party had taken several anticipatory steps, such as asking people who had visited China recently to stay indoors temporarily.

Some people in Singapore who have relatives in China have indeed traveled to visit mainland China during the 2020 Chinese New Year.

In addition, the special task force also provides provisions for travelers to avoid traveling to China. To increase awareness, the Changi International Airport has also provided air temperature screening devices for all inbound flights to Singapore.

So far, the Corona virus has spread in 10 countries including the United States, Japan and France. China's National Health Commission said on Sunday January 26, more than 2,700 people were infected globally. This outbreak has also cost 80 people in China their lives.

China announced it would extend its Lunar New Year holiday for the week of February 2. On the other hand, Hong Kong authorities said they would bar entry to people who have visited Hubei Province in the past 14 days.

The World Health Organization (WHO) last week declared a state of emergency in China. However, WHO has not announced the same status for the rest of the world.