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Singapore faces deep 'scarring' from virus, says MAS's Menon

Bloomberg
Bloomberg10/13/2020 06:15 PM GMT+08  • 2 min read
Singapore faces deep 'scarring' from virus, says MAS's Menon
Aviation and tourism industries are a worry, especially with an expected slow recovery in travel, he said.
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Singapore’s central bank chief said as much as 20% of the city-state’s economy faces “deep scarring” from the coronavirus pandemic.

Aviation and tourism industries are a worry, especially with an expected slow recovery in travel, Ravi Menon, managing director of the Monetary Authority of Singapore, said at a virtual event hosted by the Institute of International Finance on Monday.

“Ten to 20% of the economy is probably going to face some deep scarring from which they may not recover,” he said. “A big chunk of the rest may not go back to underlying potential pre-crisis for quite some time.”

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