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

37 Pages Posted: 9 Oct 2014

See all articles by Seck Tan

Seck Tan

National University of Singapore (NUS) - Lee Kuan Yew School of Public Policy

Allen Yuhung Lai

Institute of Health Economics and Management, ESSEC Business School

Date Written: October 7, 2014

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

Suggested Citation

Tan, Seck and Lai, Allen Yuhung, Crises and Disasters in Singapore: What Matters? Or Does It? (October 7, 2014). Lee Kuan Yew School of Public Policy Research Paper No. 14-32. Available at SSRN: https://ssrn.com/abstract=2507047 or http://dx.doi.org/10.2139/ssrn.2507047

Seck Tan (Contact Author)

National University of Singapore (NUS) - Lee Kuan Yew School of Public Policy ( email )

469C Bukit Timah Road
Oei Tiong Ham Building
Singapore, Singapore 259772
Singapore

HOME PAGE: http://lkyspp.nus.edu.sg/faculty/seck-tan/

Allen Yuhung Lai

Institute of Health Economics and Management, ESSEC Business School ( email )

3 Avenue Bernard Hirsch
CS 50105 CERGY
CERGY, CERGY PONTOISE CEDEX 95021
France

HOME PAGE: http://www.allenlai.org

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