It’s a whole new world out there in 2020, and a whole new Singapore business environment. The continuing growth and new investments of 2019 are no longer top of mind for most of the city and its economy. That mantle has been taken by the new severe acute respiratory syndrome coronavirus 2, which causes the highly dangerous coronavirus disease, or COVID-19.
In 2020, Singaporeans have found themselves focused on facemasks, handwashing, and social distancing as they work to “flatten the curve” of infection across the city-state.
Singapore is handling the pandemic well, at least comparative to many other countries and markets. Still, the country has recently adopted an unprecedented “circuit breaking” set of movement restrictions for the four weeks from 7 April, including the closure of the vast majority of workplaces.
“Instead of tightening incrementally over the next few weeks, we should make a decisive move now to preempt escalating infections,” Prime Minister Lee Hsien Loong said on April 3. “We will therefore impose significantly stricter measures (to) help reduce the risk of a big outbreak occurring.”
Businesses across the economy are naturally being caught up in the nationwide response, with the nature of those impacts being wide and varied. Clearly, airlines, hospitality, and retail businesses have each suffered a huge drop in demand as customers choose, or are forced to stay away – and there have been thousands of jobs lost in these sectors. Even the most optimistic forecasts see those numbers growing even further in the months ahead.
この記事は Singapore Business Review の April-Jun 2020 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Singapore Business Review の April-Jun 2020 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
How TikTok powers cross-border shopping for Singapore retailers
The yellow basket feature allows viewers to purchase items directly during livestreams.
Income Insurance seeks to fill billion-dollar financing gap in climate transition
The region skimmed its carbon intensity by 2.8%, far below the 17.2% needed.
SIDS fights misconceptions in interior design with accreditation, education
The organisation is setting up a digital platform to speed up accreditation from 6 to 2 months.
IHH's proton therapy takes aim at tumours with precision and low risk
Leaving surrounding organs at risk during cancer treatment might become a thing of the past.
SingPost pivots from mail to logistics as e-commerce demand drives growth
It is banking on e-commerce to drive its logistics unit, which accounts for 69% of revenue.
Singapore needs SEA neighbours to power renewable energy transition
Experts favour Malaysia and Indonesia as renewable energy import sources.
Singapore's architecture blueprint spurs push to tackle brain drain in other sectors
Paying the country's architects just right will hopefully stop the brain drain.
Millionaires eye a piece of Singapore's rich colonial era
The country's remaining 6,500 shophouses are in high demand amongst the ultra-rich.
HDB resale portal unlikely to cut out property agents
The portal enables sellers to list their units themselves.
Factory and retail spaces shine as housing heads for worst market slump in 16 years
Its manufacturing and tourism rebound will spur demand for industrial and high-street shops.