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Where are we right now?
- Globally, over 5 million people are infected and 340,000 lives lost
- COVID-19 has disrupted the global economy and we are looking at an unemployment rate that is the highest since the Great Depression
- IMF has predicted that Asia will see zero growth in the year 2020 — this is the worst performance in 60 years
Status on COVID-19 Coronavirus
- There is still the possibility of asymptomatic transmission of the virus
- There is also a chance of the virus evolving
- We have little idea how soon the vaccine will be ready
- Global efforts to control the pandemic is uncoordinated and uneven
What about Singapore?
As a small, open economy, our economic outlook depends heavily on the state of the global economy.
- Singapore’s GDP is expected to shrink due to COVID-19 impact
- Singapore will reopen her economy safely and in three phases guided by public health considerations