Expected Recession In Singapore
The world is going through a recess due to Covid-19.
The economy is unable to grow since every operation has stopped due to lockdown.
The Monetary Authority of Singapore has indicated that the coming recess may be worse than expected even when circuit breaker is removed.
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Just like the different parts of the world, unemployment rate will rise with many who are able to retain their jobs with pay cuts.
Many retail shops were not able to operate during circuit breakers had suffered serious loss of income.
Some retail shops may close down due to debt resulted from rental fee and other cost.
Travel agency and related businesses were totally stopped in operations.
The Singapore Central Bank alerted the economic downturn hit due to Covid-19.