1、FEATURE ARTICLE IMPACT OF THE COVID-19 PANDEMIC ON THE SINGAPORE ECONOMY THE FORECAST FOR SINGAPORES 2020 GDP GROWTH IS DOWNGRADED TO -7% TO -4% THE IMF EXPECTS THE GLOBAL ECONOMY TO CONTRACT BY 3% IN 2020 INTRODUCTION The COVID-19 pandemic has caused a severe disruption to global economic activity
2、and has led to both demand- and supply-side shocks to the Singapore economy. The impact of COVID-19 on the Singapore economy has been broad and signifi cant, affecting different sectors of the economy to varying degrees. While most sectors are expected to be adversely affected by the COVID-19 outbre
3、ak, there are some bright spots in the economy, including new opportunities that have come with the rise in demand for online sales and services. In the months ahead, MTI will continue to closely monitor developments in the global and Singapore economies as the COVID-19 situation remains fl uid. Glo
4、bally, there continues to be a high degree of uncertainty over the length and severity of the outbreak, as well as the trajectory of the recovery in the global economy. ECONOMIC IMPACT CONCLUSION AccommodationAir TransportArts, Entertainment Authors estimates. Compared to the same day in the week of
5、 13 to 19 January 2020. Second, the COVID-19 outbreak has led to a reduction in domestic consumption and travel, which has had a significant impact on consumer-facing sectors such as food services, retail trade and land transport. Using data from the Apple Mobility Trends Report6, we find that mobil
6、ity in the form of driving, public transit and walking has declined since the first confirmed case of COVID-19 in Singapore Exhibit 6. Subsequent safe distancing measures introduced in March (e.g., closure of entertainment venues such as bars and cinemas) and the Circuit Breaker measures implemented