SINGAPORE (Mar 23): The benchmark Straits Times Index (STI) tumbled 181.33 points, or down 7.52%, on Monday morning, after Singapore announced it is stopping all short-term visitors – from anywhere in the world – from entering into Singapore from March 24. Visitors will also be banned from transiting through the country.

In addition, the Mistry of Manpower (MOM) will restrict the entry and return of work pass holders, including their dependents. Only workers providing essential services, such as in healthcare and transport, will be allowed into the country.

The move, which was triggered by the death of two Covid-19 patients in Singapore on March 21, raises fears that the country's economy -- heavily reliant on tourism and foreign labour -- could plummet into recession.

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