It's so important to be true to yourself "
Singapore's retail and tourism industries appear to be reeling from the impact of COVID-19. Taken between 12 noon to 3 pm on 26 February 2020, human traffic at Orchard Road, Chinatown, Waterway Point, Tanjong Pagar, Raffles Place and Dhoby Ghaut has decreased significantly.
By Khalil Adis
When China sneezes, the entire world catches the flu.
In this case, COVID-19 is already affecting the global economy resulting in supply crunch, travel bans, pay freeze and global retrenchments.
Just recently, HSBC axed 35,000 staff as part of its global restructuring exercise on 18 February.
Singapore, in particular, is vulnerable due to its open economy and small domestic market.
Already reeling from the impact of the ongoing US-China trade war, the government has announced several measures under Budget 2020 to save jobs and to pass on rental rebates and waivers to affected tenants.
Meanwhile, Temasek Holdings, CapitaLand and SMRT announced pay freeze and wage cuts while Singapore Airlines is freezing hiring.
While the Singapore government has done a good job in containing the outbreak (62 recovered cases, 31 still in hospital), we are possibly faced with a global pandemic.
According to the World Health Organization (WHO), as of 26 February, the number of new cases reported outside of China exceeded the number of new cases in China for the first time.
For example, new cases are now emerging in Brazil, Iran, Pakistan, Greece, Georgia and Norway while South Korea and Italy are scrambling to contain the spread.
In South Korea alone, the Korea Centers for Disease Control & Prevention (KCDC) said it reported an additional 334 new cases as of 27 February, bringing the total tally to 1,595.
WHO added that COVID-19 has killed more than 2,700 people and infected at least 80,000 in 34 countries with the vast majority of cases in China.
Should the situation gets even worse, there is a possibility of a deep and long recession ahead.
Here are photos that were taken yesterday across Singapore amid the outbreak.
An independent analysis from yours truly
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