Singapore expects a serious damage due to outbreaks of coronavirus

Singapore’s Economy may enter a recession due to the outbreak of coronavirus, said Prime Minister Lee Hsien Loong, adding that the city-state is preparing for a “significant” impact in the coming quarters, Reuters reports.

“the Impact will be significant, at least in the next couple of quarters. This is a very intense outbreak,” said Lee Hsien Loong in a video interview posted on his page in Facebook.

“I can’t say whether we decline or not. It’s possible, but, of course, our economy will suffer,” Lee said in his speeches before the media in the main Singapore Changi airport.

Lee also said that business at the airport has suffered from the decline in the number of flights by about a third.

In fact, the government of Singapore has banned the entry of China, although the country has always been the largest source of the tourist flow to Singapore, while some countries recommended not to go to Singapore, as the number of people infected with coronavirus peaked outside of China 58.

the Sectors production and trade of Singapore can also be affected by large-scale economic turmoil in China due to the outbreak of coronavirus.

Asian business center has just showed signs of recovery after the lowest level of growth over the past ten years last year — a slight 0.7 percent — when the outbreak spread to a city-state in late January.

Singapore will release final data on economic growth in the fourth quarter of 17 February, and economists expect the revision of growth forecast in 2020 of 0.5-2.5%.

the Government is also planning to deploy a major package of budget measures to cushion the economic blow from the outbreak of the virus, while some analysts expect the Singapore economy will face the largest deficit over the past ten years.