News Formal

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

  • 📰 YahooSG
  • ⏱ Reading Time:
  • 14 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 71%

United States News News

United States United States Latest News,United States United States Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

About 3,800 companies closed down in April; expect uptick in coming months: Chee Hong TatSINGAPORE: About 3,800 companies closed down in April, comparable to the average of 3,700 recorded in the same month over the past five years, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »