The reopening of Singapore’s borders from Sept 1 to some low risk countries will not be enough to offset losses incurred during the year, according to Fitch Solutions.
This is despite the research house’s expectation that the move will boost the city-state’s tourism industry in 4Q20.
On Aug 21, Singapore announced that it will institute a travel bubble with New Zealand and Brunei, exempting travels from these countries from the Stay-Home Notice (SHN).
Travellers will have to undergo a Covid-19 test upon arrival and will be required to pay for their own medical bills should they test positive.
Travellers from other low risk countries – such as Malaysia, China and Vietnam – will also be permitted into the country.
However, they will be required to observe SHN duration of seven days and take a Covid-19 test at the end of their SHN period.
According to statistics by the Singapore Tourism Board (STB), visitor arrivals so far this year to June plunged 71.4% y-o-y to 2.7 million.
In July, Enterprise Singapore (ESG), Sentosa Development Corporation (SDC) and STB announced the launch of SingapoRediscovers, a campaign that encourages Singaporeans and residents to explore different sides of Singapore.
“Covid-19 has had a severe impact on many sectors of our economy, and it will take time for consumer confidence and international travel to recover,” said STB chief executive Keith Tan.
“We will need a collective effort by the government, community and industry stakeholders, and all Singaporeans, to sustain and support great local businesses,” he added.
