One reason could be because of “unprecedented government support schemes and central bank policies that have been quickly activated — something that neither the GFC nor AFC had back in the day”.
SINGAPORE (May 22): Economists were quick to compare the current economic woes to the 1997 Asian Financial Crisis (AFC) and the 2008-2009 Global Financial Crisis (GFC) But Thilan Wickramasinghe, head of research at Maybank Kim Eng Singapore, says there are some differences.
During those two previous recessions, the Singapore market crashed by about 60% from start to end. This time round, the market had retreated just over 20% thus far.
