The Post COVID-19 World (Singapore)

Singapore COVID-19 info

Due to the COVID-19 pandemic, many parts of the Singapore economy were closed throughout April & May 2020 via a lockdown or ‘circuit breaker’. A partial reopening began on 2nd June, but this was phased with some sectors of the economy, deemed to have a higher risk of transmission, remaining closed. According to banks and economists, the impact on the Singapore economy will be greater than the Global Financial Crisis, with 2020 forecast to see its largest ever economic contraction since independence (up to 7%), with 200,000 job losses expected.

The lockdown itself has changed consumer behaviour, e.g. forcing people to stay at home and to change their lifestyles.  An economic crisis is emerging that will severely impact household budgets.  BVA BDRC set out to assess how lifestyles have changed, but more importantly how these changes might endure for the longer term, including on how households might cut back across a range of categories.

For this purpose, in May & June 2020, BVA BDRC undertook weekly surveys of a representative sample of consumers in Singapore.

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