Woodlands Causeway between Singapore and Malaysia (Photo: VNA) Hanoi (VNA) - Singapore is edging towards its first full-year recession innearly two decades as neighboring Malaysia’s travel ban cuts off a key sourceof labor and its economy is hit by COVID-19 pandemic, forcing the central bankto loosen policy.
Economist KhoonGoh at ANZ bank warned that financial conditions have tightened considerably inrecent weeks, and the lockdown being imposed by countries to contain the epidemicmeans a recession in Singapore cannot be avoided.
Meanwhile,economist Prahask Sakpal said the Malaysian government’s overseas travel bantill March 31 will deal a blow to Singapore’s small- and medium-sizedenterprises which rely on workforce from the neighbouring country.
Singapore isalso set to unveil the second economic package to help businesses and workers,which is believed to be more effective than monetary action in the near term.
The SingaporeanHealth Ministry reported additional 23 COVID-19 infection cases on March 17alone, its biggest daily jump, bringing the total to 266./.
Economist KhoonGoh at ANZ bank warned that financial conditions have tightened considerably inrecent weeks, and the lockdown being imposed by countries to contain the epidemicmeans a recession in Singapore cannot be avoided.
Meanwhile,economist Prahask Sakpal said the Malaysian government’s overseas travel bantill March 31 will deal a blow to Singapore’s small- and medium-sizedenterprises which rely on workforce from the neighbouring country.
Singapore isalso set to unveil the second economic package to help businesses and workers,which is believed to be more effective than monetary action in the near term.
The SingaporeanHealth Ministry reported additional 23 COVID-19 infection cases on March 17alone, its biggest daily jump, bringing the total to 266./.
VNA
