Coronavirus to hit Singapore economy, trade minister says

Singapore’s economy will be badly hit by the spreading new Coronavirus which started in China at the end of 2019 and has spread to the city-state, said the trade minister on Monday.

Considered as of the Southeast Asian go-to destination of travelers worldwide, Singapore tallied its lowest growth rate in 10 years last year at 0.7% and reported four cases of the contagious coronavirus which took close to a hundred lives in China.

Chan Chun Sing, Singapore’s trade minister said in a statement, “There will certainly be an impact of our economy, business, and consumer confidence this year especially as the situation is expected to persist for some time.”

The minister added that they are particularly concerned about the tourism sector and that the government was ready to support different companies and their workers.

People from China make up the largest portion of Singapore tourists and visitors. To date, Singapore is one of the countries next to China that has been severely affected by the outbreak of the 2003 Severe Acute Respiratory Syndrome (SARS).