Recession a possibility as Singapore's economy hit by Coronavirus: PM Lee

PM Lee Hsien Loong speaking at Changi Airport Terminal 3 earlier today. Screengrab courtesy: Twitter/@leehsienloong
PM Lee Hsien Loong speaking at Changi Airport Terminal 3 earlier today. Screengrab courtesy: Twitter/@leehsienloong

Prime Minister Lee Hsien Loong said today that an economic recession could be a possibility as the impact of the coronavirus outbreak on Singapore's economy has already exceeded that of the severe acute respiratory syndrome (SARS) back in 2003.

Speaking during a visit to Changi Airport Terminal 3 today, PM Lee said that the impact will be significant as the country battles a "very intense outbreak" of COVID-19. 

"It's already much more than SARS, and the economies of the region are much more interlinked together. China, particularly, is a much bigger factor in the region," he said.

"I can't say whether we will have a recession or not. It's possible, but definitely our economy will take a hit" he added.

The SARS outbreak in 2003 lasted from March until July that year before it was eradicated in Singapore. 

"That was, I think, very fast. I expect it not to be so fast this time," PM Lee said.

Singapore has 58 cases of the coronavirus disease as of February 13 and is currently under DORSCON Orange alert level. 

The virus christened COVID-19 by WHO was first reported in the Chinese city of Wuhan in December 2019.

 

Author
CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK, UAE and India. Connected to India covers developments around NRIs. Covers arts, political, sports, finance, entrepreneurship, business, movies, dramas, entertainment and other news for Indians living worldwide.

Comments
Poll

Which team do you think will win IPL 2023?

  • Chennai Super Kings
  • Royal Challengers Bangalore
  • Mumbai Indians
  • Gujarat Titans
  • Kolkata Knight Riders
  • Delhi Capitals
  • Sunrisers Hyderabad
  • Lucknow Super Giants
  • Royal Challengers Bangalore
  • Punjab Kings
Answer
Write your story

Contribute an Article

Learn more