The Statistic Department of Singapore reported that the incomes of small businesses decreased by 13.3 percent as a direct consequence of the confinement measures applied in the country due to the spread of Covid-19.
In its most recent report, the Statistics Department indicated that this is the lowest level of income facing the sector in the last two decades. The same source stated that the income from retail trade reached two thousand 330 million dollars of which the online sale occupies 8.5 percent.
The decrease in domestic consumption and the paralysis of tourist activities are some of the keys to this phenomenon that affects the smallest businesses in the country; according to the source the income of small merchants reached 2,330 million dollars of which online sales figures stands at 8.5 percent.
In these evaluations made by the agency, the value of food and beverage services was also affected by up to 23.3 percent compared to the same stage last year, and 9.6 percent compared to the previous month.
According to recent macroeconomic evaluations carried out by the Monetary Authority of Singapore, the country’s economy will fall into recession this year due to the effects of the epidemic as unemployment and low-wage situations intensify as well as difficulties in production and business.
In addition, it forecasted that Singapore’s economy could contract further in the second quarter of the year.
As of this date, the pandemic has claimed the lives of 20 people in Singapore, the latest official report from the Ministry of Health indicates that the figure has crossed the 20,000 mark and now stands at 20,198 cases.