Economics
Singapore Economy Still in Dire Situation, Central Bank Says
- Travel-related sectors are biggest drag on island’s economy
- Financial services industry has held up well during crisis
Buildings stand in the Central Business District in Singapore.
Photographer: Wei Leng Tay/BloombergThis article is for subscribers only.
Singapore’s economic situation remains dire amid the coronavirus pandemic, impacted by what could be lasting shifts in global demand and to supply chains, according to the city-state’s central bank.
“Even if subsequent waves of infection are more limited” globally, it’s not clear whether confidence in resuming normal economic activity will be restored, Ravi Menon, managing director of the Monetary Authority of Singapore, said at a briefing Thursday following the release of the central bank’s annual report. “People may be slower to return to previous patterns of work as long as the virus is still circulating.”