How Singapore, Hong Kong, Taiwan are responding to Covid-19
As the Covid-19 pandemic widens in the West, Singapore, Hong Kong and Taiwan have been lauded for their successes containing the initial surge of the coronavirus infections in their borders. But as places heavily reliant on international trade, the global spread of the virus is taking a big toll on their economy.
"The more we do to flatten the infection curve, we are actually also steepening the recession curve," Singapore's National Development Minister Lawrence Wong told CNBC. "So really, we are dealing with a twin crisis of unprecedented proportions: One, a public health emergency; and second, an economic crisis."
Deputy Prime Minister Heng Swee Keat will present the second stimulus package in Parliament today to help workers, businesses and household through the pandemic.
Hong Kong and Taiwan, too, have presented stimulus packages to support their economies. They are not directly comparable given differences in demographics and economic structure. But we thought that more information is better than no information. We also look at the measures they took to ring-fence their orders and contain the virus internally.
Research was done by Calida Soh, Cheng Yui Seeng, Ethan Tay, Gwen Lee, Loraine Lee Yen and Sean Lim.