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March 15, 2020

Virus may badly hit Singapore

Business

March 15, 2020

SINGAPORE: Singapore’s prime minister warned on Saturday that the negative economic effects of the coronavirus outbreak will likely be deeper and more prolonged than the 2008 financial crisis, Reuters reported.

“The economic hit will likely be more serious than the global financial crisis, and longer-lasting too, even beyond the end of the pandemic,” Lee Hsien Loong said in a Facebook post. He said the pandemic will likely last at least this year, and possibly longer.

With 200 infections, the Asian travel hub has signaled that there is a chance of a recession this year and has cut its growth forecasts.

Lee’s comments came a day after Singapore revised its electoral boundaries, in a move usually seen as a precursor to calling a vote. Singapore must hold elections by early 2021. Before the virus hit the Asian city-state late in January, the government had been expected to call a vote within a few months.