The Post COVID-19 World for Businesses in SingaporeBy Piers Lee
The COVID-19 pandemic caused many parts of the Singapore economy to close 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 remaining closed because of a higher risk of transmission.
A consumer survey conducted by BVA BDRC showed that:
- 63% of households have seen or expect to see a reduction in their income, either through lower salaries / wages or loss of primary or secondary employment income
- 20% of Singaporeans had more than one form of employment income prior to the lockdown – this fell to 12% during the lockdown
- 94% of households intend to reduce their spending. 55% state this is out of necessity, the rest to plan for more difficult times ahead
This document reports on how businesses have so far been affected and the new measures they will seek to implement, including any new technologies they will adopt or upgrade.
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