The 2019 Global Resilience Index ranks business environment resiliency across 130 countries based on factors such as political stability, risk environment, transparency, supply chain logistics, and corporate governance. These rankings, paired alongside each country’s initial virus response, were used to rank countires across the globe that have the greatest chance of maintaining stability and recovering after the pandemic, with Singapore scores high in the index for its strong economy, low political risk, strong infrastructure and low corruption.
Singapore was ranked number 21 in the overall resilience in the Global Resilience Index, as in terms of virus response the country moved quickly to contain the pandemic with one of the flattest curves globally.
Singapore depends on the recovery of the rest of the global economy in order to have the most successful economic recovery, though residents in general have faith in the strength of the countries future. The country has implemented the use of technology on a mass scale that will usher in a new economic future, as businesses like Konigle and many others have implemented work-from-home policies, and the government has released a Trace Together app that many have downloaded to track the virus.
Despite less than a few hundred virus cases countrywide, and because of a quick response and prior planning, Singapore has had no virus related deaths and a slowing rate of infection with quicker recoveries, as the city-state in time becomes an emerging example of whether or not the virus can be truly contained and neutralized, and how an economy can recover. Prime Minister Lee Hsien Loong in March reassured residents that the city had enough medical supplies and that the virus did not initially seem as deadly as SARS, and the population has calmed noticeably.
Disruption to market activity is expected to be short-lived; held up by the country’s sound economic fundamentals. The impact will be mostly felt by the hospitality, retail and F&B sectors, with limited impact on both the office and industrial sectors as these are non-tourism related sectors.
Recovery of Singapore’s hotel industry will be faster than Hong Kong’s because they are less dependent on Chinese tourists, with Singapore's hotel sector expected to take significant losses in the short-term, but recover quickly just as it did after Sars in 2003.
asiannews---Singapore has unveiled an economic stimulus plan worth S billion (US.7 billion) to counter the economic fallout of the coronavirus pandemic. This follows the S.4 billion (US.5 billion) announced in February to deal with the COVID-19 crisis.
