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Number of business entities formed in Singapore down 30% in April vs 5-year average

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Some 3,800 business entities in Singapore were formed in April, over 30 per cent lower compared with a recent five-year average due to the COVID-19 pandemic.

SINGAPORE — Some 3,800 business entities in Singapore were formed in April, over 30 per cent lower compared with a recent five-year average in the same period due to the COVID-19 pandemic, said Senior Minister of State for Trade and Industry Chee Hong Tat in Parliament on Friday .Most sectors saw a fall in the formation of new business entities in April, said Chee, who is also Member of Parliament for Bishan-Toa Payoh GRC.

“For the rest of 2020, the COVID-19 pandemic is expected to have a severe impact on many sectors of our economy,” Chee noted. However, he noted that sectors, such as biomedical manufacturing and the information & communications sector, will continue to grow.

 

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