Tourism and consumer spending are now forecast to decline as much as 30% this year as a result of the coronavirus impacts on the powerhouse city-state. SCMP:
The city state is already expecting its economy to be hit harder by the coronavirus outbreak than the Sars pandemic of 2003 It has forecast as much as a 30 per cent decline in tourist arrivals this year, and a commensurate loss in spending.
“We know there is economic impact. Already the specific sectors are feeling it – tourism, hospitality – but beyond these specific sectors, we think the broader knock on impact can be quite severe as well,” Lawrence Wong, Minister for National Development who co-chairs the multi-ministry task force set up to coordinate Singapore’s response to the virus, said in a Bloomberg TV interview […]