1.       The COVID-19 pandemic has posed a significant challenge to businesses in Singapore and around the world. The containment measures implemented in many countries have led to a sharp fall in external demand and disrupted global supply chains, and affected businesses in externally-oriented sectors such as wholesale trade and manufacturing. Global travel restrictions have also had a severe impact on businesses in the accommodation and air transport sectors. Globally, measures to ‘flatten the curve’ have affected many businesses, especially those in consumer-facing sectors such as retail trade and food & beverage. It is therefore not surprising that many businesses surveyed are pessimistic about their near-term outlook.

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