Cancellation a double whammy to economy: Analysts
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This year's Formula One Singapore Airlines Singapore Grand Prix has been cancelled.
PHOTO: ST FILE
The cancellation of this year's Singapore Grand Prix will be a double whammy to the local economy that is already hit hard by the coronavirus pandemic, analysts told The Straits Times yesterday.
Citing the decline in inbound tourists from a monthly average of more than a million to fewer than a thousand in April, and the resulting dip in hotel occupancy rates, CIMB Private Banking economist Song Seng Wun predicted that the country's economy will contract by 5 per cent year on year in the third quarter, after also taking into account the absence of the Sept 20 Singapore race.
