Taking a hit: Social distancing markers are seen on ground outside a department store on Orchard Road. Singapore’s latest measures to shutter bars and entertainment centres provide “another hit” to private consumption. — Bloomberg
SINGAPORE: Singapore’s closure of bars and entertainment venues to contain the spread of coronavirus is another gut punch to the city-state’s economy already suffering from widespread disruptions to trade and tourism.
Authorities are scrambling to curb the spread of the virus after a recent spike in confirmed virus cases, now at more than 550, mainly from residents returning from overseas trips. For Singapore’s small open economy, the new restrictions will hurt consumer spending and push the nation closer to a recession.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
