Coronavirus could be more damaging than financial crisis: Singapore PM Lee

The economic fallout from the coronavirus could be more serious than the damage done by the 2008 global financial crisis for Singapore, according to Prime Minister Lee Hsien Loong.

“We can’t tell when the pandemic will end, but it will likely last at least this year, and quite possibly longer,” Lee said in a Facebook post. “The economic hit will likely be more serious than the Global Financial Crisis, and longer-lasting too, even beyond the end of the pandemic.”

The comments come after the Monetary Authority of Singapore sought to reassure the public that markets were “functioning normally” as fears of a virus-induced slowdown sparked huge sell-offs around the globe.

Singapore’s President Halimah Yacob said the nation must consider tapping past reserves to help its people and businesses that are “bleeding” from the impact of the virus.