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Financial News: Singapore Economy To Be Impacted By Wuhan Coronavirus

Singapore Economy To Be Impacted By Wuhan Coronavirus Outbreak, Minister Says

01/27/2020 - 08:40:00 (RTTNews)

(RTTNews) - The coronavirus outbreak in the Chinese city of Wuhan is set to impact the Singapore economy this year, the Minister for Trade and Industry Chan Chun Sing said Monday.

"We certainly expect there to be an impact on our economy, business and consumer confidence this year, especially as the situation is expected to persist for some time," Chan said in a press conference.

"Of immediate concern will be the tourism related sectors."

In China, the death toll from the Wuhan coronavirus has reached 80 and over 2,500 cases have been confirmed.

Travel agents, hospitality industries, food and beverages, retail and transport are among the tourism-related sectors, the minister added.

The government will take measures such as reduction in business costs, alleviation of cash flows and the retention of workers to help businesses and enterprises, Chan said. Such measures were undertaken during the outbreak of SARS (Severe Acute Respiratory Syndrome) during 2003.

The minister urged enterprises to refresh their business continuity plans.

"We will continue to strengthen our measures, adapt those measures as necessary, given the evolving situation," Chan said.

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