Up to 20% of Singapore’s economy faces deep virus ‘scarring’

Up to 20% of Singapore’s economy faces deep virus ‘scarring’

FMT NEWS - Lifestyle·2020-10-12 22:28

SINGAPORE: Singapore’s central bank chief said as much as 20% of the city-state’s economy faces “deep scarring” from the coronavirus pandemic.

Aviation and tourism industries are a worry, especially with an expected slow recovery in travel, Ravi Menon, managing director of the Monetary Authority of Singapore, said at a virtual event hosted by the Institute of International Finance on Monday. About 10% to 20% of the economy faces scarring from the virus, he said.

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