SINGAPORE (May 12): More than 8,600 business entities in Singapore have closed down in April - more than a double compared to March as well as during SARS in 2003 and economy recession in 2009, as Covid-19 pandemic continues to bite.
Citing on data by Singapore’s Business Times, Sin Chew Daily reported that a total of 8,663 business entities in Singapore have closed down in April, which is more than a double increase from 4,008 recorded in March, as well as 2003 April during the outbreak of SARS (not more than 2,500) and 2009 April during the global economic crisis (not more than 4,000).
F&B and retail were among the most impacted industry, where 403 of F&Bs and 918 of retails out of 8,663 business entities have shut down in April.
Citing on an interview with economist in Singapore’s Shin Min Daily News, Sin Chew Daily also reported that it is just the beginning of the businesses closed down trend in Singapore.
The economist believes with the additional four weeks extension of circuit breaker in Singapore, it could be the last straw that breaks the camel’s back. He also foresees that the trend will persist, if not worse, in the next two months.
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