Crises and Disasters in Singapore: What Matters? Or Does It?

Abstract

Having achieved an export led exponential economic growth, Singapore remains vulnerable to both natural disasters and economic crises. One significant public health crisis that impacts Singapore's economy is the Severe Acute Respiratory Syndrome (SARS) epidemic in 2003. Another crisis of significant impact is the Global Financial Crisis (GFC) 2007-2008. This paper illuminates the impact of a public health crisis (SARS) and an economic crisis (GFC) on the Singapore economy. The comparison between these two extreme events is made based on the financial market, macro economy, property sector, and tourism trade. The respective policy responses to both SARS and GFC are discussed and contrasted with regards to the economic recovery.

Keywords: Natural Disasters, Economic Crises, Severe Acute Respiratory Syndrome, Global Financial Crisis, Disaster Management, Policy Responses, Singapore

JEL Classification: E31, E52, E60, E62, H12, H51, H84, I10, Q54