Sunday 16 February 2020

Recession Coming Our Way?

Retail, F&B and almost every other business has been hit by the Covid-19 as people are less willing to leave their home and venture out. Meaning that people are spending less and the economy growth will slow down.

Changi Airport has been badly hit as most people will avoid going to the airport because that is where the tourist will land first.Also, as the number of flights coming to Singapore drops, there will be a decrease in people shopping and eating in the airport.

Jewel Changi Airport will be offering a 50% rebate on rents for months of Feb and MAr which I think is a really good initiative. The crowd there has definitely decrease and it will take awhile before things get back to normal.  

With PM Lee mentioning that the impact of Covid-19 already exceeds that of SARS means that everyone should really brace themselves for what's to come. This is because China has grown to be such a huge market and many countries really rely on them for tourism as they are spending much more than they did in the 2003 SARS period.

Cathay Pacific has had to preserve their cash and as a result, they have informed employees to take 3 weeks of unpaid leave starting from 1 March to June. Cathay Pacific has been facing hard times as well, from the Hong Kong protests to the Covid-19, flights have been dropping in numbers and so they have had to suggest to employees though not compulsory to take unpaid leave.

It will be tough and difficult year for some to recover for some as earnings take a hit. I do feel to a certain extent that the true impact will be felt maybe one or few months later when whether or not the virus continues or it will disappear. Even if some businesses can survive, it will be awhile later to see if they can sustain.

Jobs will be tough to keep if some companies have to cut cost. We will have to see how it all pans out.In the meantime, we can all take care of ourselves and try not to be too affected by the news even though almost every news is about the Covid-19.

References: Cathay Pacific set to offer unpaid leave to staff as Hong Kong protests and boycott by mainland Chinese customers take toll

Covid-19's impact on Singapore economy already exceeds Sars, recession possible: PM Lee
‘Big collapse’ of F&B businesses looms; landlords should slash rent like Jewel Changi Airport, say industry players


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