Prices of ‘necessities’ such as masks & sanitisers in this current situation has tripled or quadrupled in the past 2 months. A price of a box of masks could be easily $40 & $6 for a small bottle of an average hand sanitiser. This is mainly due to the world shortage. With larger countries such as Europe, Saudi & South Korea being affected, the world shortage is about to get worse, possibly increasing the prices of these goods more. Local companies have sourced out to countries like Indonesia, India and also South Africa to meet the high demand. To make the situation worse, scams have been on the rise on online platforms such as Carousell & Facebook Market. Locally, more than 11 police cases have been reported and 4 scammers arrested, cheating of more than $135,300. Do you know how to identify online scammers?
Social events such as SMU,NUS & NTU open houses, seminars & sports competitions nationwide have been cancelled. Large group gatherings consisting of more than 50 individuals are advised not to be carried out. Institutions are taking a ‘work at home’ approach, depending on technology to keep up with business. Businesses have taken a toll, the COE has tumbled down by $5000 or more & stock markets worldwide are falling. Dow Jones index and S&P 500 have dropped a significant amount. What is the outlook of the Singapore economy for the next 3 months?
Psychologically, Singaporeans are becoming more cautious about their health & surroundings. Singaporeans wearing a mask becomes a norm, sneezing and coughing in public transport causes discomfort amongst commuters. Shopping malls once lively on a Sunday night are now less crowded, F&B and retail stores. Currently, the outbreak areas are The Life Church and Missions Singapore, Yong Thai Hang, Grand Hyatt Singapore, Seletar Aerospace Heights construction site & Grace Assembly of God church. When the DORSCON Level changed to Orange on 7 February 2020, Singaporeans frantically rushed to supermarkets to “stock up”, buying cartons of masks, hand sanitisers & wipes, wiping out shelves from local supermarkets. However, are common sanitisers and wipes effective enough against Coronavirus?
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All information here is based on 26 February 2020.
Sources: CNA, CNN, Straits Times , WHO