Alexa

Taiwan, South Korea, China successful against economic impact of virus: Singapore

Their integration in regional supply chains has resulted in respective production levels returning to pre-pandemic levels

  3857
Wearing masks in Singapore 

Wearing masks in Singapore  (AP photo)

TAIPEI (Taiwan News) — Taiwan, South Korea, China, and Hong Kong have been relatively successful in limiting the negative impact of the Wuhan coronavirus (COVID-19) pandemic on their economies, Singapore’s central bank stated in a report Wednesday (Oct. 28).

The Monetary Authority of Singapore (MAS) said in its latest biannual Macroeconomic Review that while the pandemic amounted to the most severe economic shock since World War II, some Asian economies have survived relatively unscathed, CNA reported.

As a lot of business and entertainment activities have moved online due to coronavirus restrictions, demand for electronic products continues to be strong, the MAS report said. Beneficiaries include Taiwan, Vietnam, Malaysia, and China, as their participation in regional supply chains has allowed them to see their respective production levels return to pre-pandemic levels.

Singapore’s own economy contracted by 13.2 percent in the second quarter of 2020, but despite signs of a recovery, even in the third quarter, the Gross Domestic Product was still 7 percent lower than during the last quarter of 2019, MAS said.