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Recession in Singapore - a warning
Singapore is seen as one of the most trade dependent and open economies in the world. Many times, the health of Singapore’s economy indicates the overall global trade situation.  Recently, Singapore showed a larger than expected decline in its GDP due to coronavirus. This may mean that the global trade situation is much worse than expected and a huge global economic downturn is just around the corner. Is the world equipped to deal with and soften the blows of this pandemic? Should policy makers focus on helping stabilise global trade?
Global trade is crucial to not just Singapore but all open border economies. Stabilisation of world trade through policies on opening up borders, such as avoiding a trade war are all crucial. However, the stabilisation of world trade in my opinion is so heavily based on the stabilisation of countries economies. So the question really is are we prepared to stabilise our economies after this economic fallout. I think with the fiscal stimulus we have seen and recent data on recovery. I think yes. However, it will take time, and there is the argument to be made that there is still a lot of recovery to be done in the amount of leverage governments have taken on not just in this Crisis but also in 08 However it is interesting to look at Singapore’s recovery specifically.
I think you brought up some great points. It will definitely be interesting to see how Singapore, such a heavily trade-dependent economy, recovers in this period where global trade is at a low.
Well not only recovering, I think Singapore has a huge potential to further its status as one of the leading financial hubs of the world given Hong Kong's special status removal from the US. Is Singapore ready to potentially absorb Hong Kong's slightly greater financial advancement post-coronavirus?

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