Irvine Humphries Global – Singapore to Reopen Economy

Irvine Humphries Global - Singapore economy to reopen

Irvine Humphries Global says Singapore will open almost all its economy in June as coronavirus restrictions are lifted in the coming weeks.

Irvine Humphries Global analysts say Singapore expects to have at least 80% of its economy reopened by June. The country put restrictions in place in early April in an effort to curb the spread of the coronavirus outbreak. Schools were closed and businesses were asked to switch to working remotely from home. From the 2nd of June these restrictions will be gradually lifted in phases.

The first phase will see approximately 80% of the economy reopening. The remaining major sectors like food and beverage and retail should reopen towards the end of next month.

Singapore has one of the highest numbers of infections in Asia with most cases linked to infection clusters in housing for foreign workers in the construction sector.

Phased reopening of the economy

Although most businesses will still be encouraged to work remotely, some workers are set to return to work in the first phase of the reopening. Schools will also reopen partially with students to continue learning from home on some days.

Singapore’s trade minister, Chan Chun Sing stated that the government has been working closely with businesses and employees to implement the necessary safety measures that will ensure the reopening is as safe as possible.

If the first phase of reopening is successful and infection rates in communities remains low, the second phase of reopening will be rolled out.

Singapore was one of the first countries outside of China to report infections and initially it appeared to have been successful in containing the outbreak. Subsequent outbreaks in densely populated dormitories led to a rapid rise in cases.

Controlling the spread, Irvine Humphries

Irvine Humphries Global analysts say it will be important for Singapore to assess a wide range of factors in its efforts to control the numbers of infections. Working environments, socializing and schools will all need to be taken into consideration.