Ravi Menon

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Aviation and tourism industries are a worry, especially with an expected slow recovery in travel, he said.

The extension in support measures will progressively expire over 2021.

The outlook for the global economy is highly uncertain, as Covid-19 has ravaged markets worldwide at an unprecedented scale, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).

Hong Kong remains a “formidable” financial centre even though inquiries from businesses looking to come to Singapore are picking up amid the uncertainties in the Chinese territory, said the chief of Singapore’s financial regulator.

In the same speech, Menon says the financial sector recorded stellar growth in 1Q20. However, he does not expect this good performance to continue in the rest of the year due to the weaker underlying economic activity.

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