Topic: Impact of Severe Acute Respiratory Syndrome (SARS) on the economy of Singapore.
TABLE OF CONTENTS
1. Introduction to SARS Page 3
2. Impact on Export and Local Consumption Page 4
3. Impact on Employment and Wages Page 8
4. Impact on Government Expenditure Page 10
5. Impact on the Gross Domestic Product (GDP) Page 11
6. Conclusion. Page 14
7. References Page 15
Introduction to SARS
Severe Acute Respiratory Syndrome (SARS) first surfaced in Guangzhou, China, in November of 2002 and quickly spread throughout China, Asia and eventually to most parts of the world because of its transmission through close contact with anyone who has SARS. Studies concluded that it was transmitted to humans via the civet cat, which is eaten by the inhabitants in the Guangdong province of China, where Guangzhou is the state capital. By the time the epidemic was over, 8096 were inflicted with the disease, resulting in a total 774 deaths; of which 39 were from Singapore (www.who.int).
SARS affected the economies of many countries, especially in Asia. In the attached article, it mentioned that economies like Singapore and Hong Kong were most vulnerable as they are most dependent on tourism and business travelers amongst the affected countries. In addition, consumption is affected as mentioned by Jan Lambregts, Head of Asia Pacific Research at Rabobank, "the domestic component where people will go out less and spend less and that amounts to a pretty severe economic impact."
SARS also affected employment. Singapore's Manpower Minister Mr Lee Boon Yang said, "I would expect employment creation will be hard hit. If you look at the indus ...