"Businesses need to remain open and consumers must be encouraged to support them, especially firms hardest hit by the outbreak," says Sunshine Farzan, Group Head of Marketing, Tricor Group. "City-state financial hubs in the region such as Hong Kong and Singapore cannot close their doors to the world indefinitely. They must strategically balance containment of the virus with their economic and trading needs."
While many are rightfully concerned about the mortal threat of Covid-19, the real danger may lie in the long-term knock-on effects on the economy. With the number of Covid-19 cases rapidly escalating globally, many now accept that the outbreak has now transcended the discussion of containment and prevention, and shifted towards protecting the vulnerable and keeping businesses going.
With the World Health Organization declaring Covid-19 a pandemic last Thursday, some experts have even predicted that by year-end, up to 70 per cent of the world's population could expect to have contracted the novel coronavirus. What happens then?
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