The current economic crisis caused by the COVID-19 pandemic is “deeper and longer” than beyond recessions in Singapore, the city-state central bank said in a report Wednesday.
Some sectors of the economy, namely those that are similar to travel, may not return to prepandemic grades until the end of next year, as Singapore’s economy faces a “progressive but uneven” recovery, said Channel News Asia, which presents the report. . Monetary Authority of Singapore (MAS).
The travel sector is expected to relish the extended headwinds as the borders will be reopened “very gradually,” DSS said. Singapore could be “lagging behind the global air transport recovery given the lack of domestic flights,” the DSS warned.
Even if greenways and bubbles are gradually unfolding, the resumption of border crossings can be “hesitant” due to recurrent waves of infection and strict measures.
In the customer sector, the initial tone, due to the easing of distance measures in the third quarter, is expected to decrease in the last 3 months of the year, DSS said.
“On the side of the call in favour, it is unclear whether early uptick can be sustained in the retail and dining areas as a result of repressed customer demand, as tourist arrivals will remain depressed and increased economic uncertainty will continue to limit family spending discretion,” some of the sectors that have withstood the pandemic can also moderate their growth.
The pharmaceutical segment, for example, may simply revel in a decrease in activity grades in the coming quarters. Progress in the labour market is likely to be “uneven and slow,” with the unemployment rate of citizens, made up of citizens, most likely staying on top in 2021, keeping wage expansion low, DSS said.
The pandemic and a “decisive factor” created to curb COVID-19 led Singapore’s economy to a record recession this quarter.
The resumption of business activity following the completion of the automatic switch may have slowed economic decline in the third quarter, although this effect is not expected to last in the fourth quarter.
“With the reopening of top industries, the push for expansion will slow in the coming quarters,” the central bank said in its report.
“At the same time, the surprise will continue to spread over the economy, as businesses and families remain constrained by lost sources of income and increased uncertainty, which is holding back investment and discretionary spending. “
DSS expects economic momentum to slow in the last quarter of 2020, reiterating the Department of Trade and Industry (MTI)’s previous projection that the economy will contract by five to 7% throughout the year.
Singapore reported seven imported cases of COVID-19 on Wednesday, and seven imported copies were implemented upon arrival in Singapore, the Ministry of Health (MOH) said.
There were no local instances on the network or in the dormitories of foreigners that would have been the largest teams spreading coronavirus at the peak.
With Wednesday’s cases, Singapore’s total COVID-19 reached 57,987. The city-state multi-ministerial working group reviews border measures to manage the threat of imports and local transmission of travelers, the fitness ministry said.
“Given the tracking regime we have for travelers who get a home (NHS) they realize on their own, we will also adopt a risk-based technique and allow more travelers to serve their 14-day NHS in the right place,” he added. Says.
As of January 1, 2021, all incoming travelers must also pay for their stay at the committed NHS services and will be guilty of the hospital’s medical expenses if they expand COVID-19 symptoms within 14 days of entry to Singapore, MOH said.
The six imported cases, reported on Monday, came here from Japan, France, Indonesia and the United Kingdom.
Forty-three cases shown lately are in the hospital, while 26 are recovering in remote network services with mild symptoms.
Four other people recovered from the virus and were discharged from hospitals on Monday, bringing overall recovery to 57883.
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