Since the outbreak of COVID-19 in December 2019, the disease has spread quickly across the globe. It is not known when this virus will cease to be a threat. Governments in all countries are trying their best to control the spread of this coronavirus. They have, therefore, put numerous public health measures in place. For example, the closure of borders, curfews, and lockdowns reduce social contact and the spread of the virus.

Due to these measures, a lot of economic disruptions have occurred in Singapore just like in many other countries around the globe. Economists explain that this economic shock in the Lion City will last for a long time, probably the whole of this year. The following are some economic effects of the pandemic in Singapore.

Loss of Jobs

Due to the lockdowns that have been put in place in Singapore, many businesses have been closed down. About a third of the total employment has been lost and will continue to disappear as stricter measures are being added. Singaporeans who are self-employed are not able to run their businesses due to such restrictions, which require them to stay at home. The effect on employment in Singapore will be felt as long as the pandemic lasts.

A Drop in Travel Services

International tourism in the country has come to a halt. The services, which include accommodations and transport for tourists, are no longer possible since people cannot travel. According to the travel and immigration experts at Visa Express official website, the country is suffering a great loss, but it is expected to start opening soon. This will lead to a great tourism boom as people come to Singapore for vacation and to look for work opportunities.

Continued Losses in the Airline Industry

Singapore’s airline is one of the best in the aviation industry. Unfortunately, this most important sector is now struggling to be in operation due to the COVID-19 crisis. There is a major slowdown in bookings for transport, and thus, the industry is expected to lose billions in revenue this year and as long as the pandemic continues. This is troubling as the airline is a pillar of the economy of Singapore.

Immense Decline in Trade-Related Activities

Coronavirus has negatively affected important links in the supply of goods across the globe due to the lockdowns and closures of borders. There are a lot of difficulties in finding raw materials or finished goods, a place to store them, delivering them, and selling them. Singapore greatly relies on the global production network. Since it is now experiencing disruption, Singapore has become subject to all the shocks that are taking place due to COVID-19.

Increase in Online Services

While many sectors are expected to be negatively affected by the coronavirus outbreak, there is still a bright spot in Singapore’s economy. New opportunities such as online marketing have come up as Singaporeans are now working from home. People still need goods and services, and therefore, the demand for online jobs has greatly increased.

Conclusion

The state of Singapore’s economy in the remaining part of the year, as well as the future, will depend on how safely they carry out their economic activities. To this end, all Singaporeans should strictly adhere to all the measures that have been put in place by the government to fight this pandemic.