Palliative stimulus measures will help but prognosis for both trade-geared Southeast Asian nations is negative 2020 growth
Malaysia and Singapore, two of Southeast Asia’s worst virus-hit economies, are reaching for policy levers to mitigate the economic impact of their respective Covid-19 outbreaks.
Both are projected to slip into recession this year, despite the recent announcement of multi-billion-dollar stimulus packages, with no sign yet that Covid-19 cases have plateaued or that business is set to return to normal in either trade-geared nation.
The stimulus packages rolled out on both sides of the causeway late last week follow earlier spending plans announced in February, largely in response to an initial loss of tourism due to the sudden departure of Chinese travellers after the pneumonia-like disease first erupted in Wuhan, China.
The health emergency has since swept the globe, with coronavirus cases sweeping Europe and the United States now seen as the epicenter of the World Health Organization (WHO)-declared pandemic.
Malaysia and Singapore, two of Southeast Asia’s worst virus-hit economies, are reaching for policy levers to mitigate the economic impact of their respective Covid-19 outbreaks.
Both are projected to slip into recession this year, despite the recent announcement of multi-billion-dollar stimulus packages, with no sign yet that Covid-19 cases have plateaued or that business is set to return to normal in either trade-geared nation.
The stimulus packages rolled out on both sides of the causeway late last week follow earlier spending plans announced in February, largely in response to an initial loss of tourism due to the sudden departure of Chinese travellers after the pneumonia-like disease first erupted in Wuhan, China.
The health emergency has since swept the globe, with coronavirus cases sweeping Europe and the United States now seen as the epicenter of the World Health Organization (WHO)-declared pandemic.
Read the full story at Asia Times.
Nile Bowie is a journalist and correspondent with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
