Retail Banking in Singapore: Coronavirus (COVID-19) Sector Impact
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the globe losing 20-50% of their value for the year-to-date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and many experts predicting the potential onset of recessionary environments.
The ongoing pandemic has affected Singapores economy, resulting in a slowdown in exports, disruptions in global supply chains, a fall in tourism, and a fall in domestic consumption of goods and services. The countrys GDP has been revised downward for 2020 due to the economic disruption caused by the outbreak. There has been a sharp rise in the cancellation of flights, hotel bookings, and major upcoming events in the areas of music, entertainment, theater, art, and sport.
This report focuses on the impact of the Coronavirus outbreak on the economy and the retail banking industry in Singapore. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat Coronavirus.
- The COVID-19 outbreak will weigh on Singapores economy, plunging it into recession. Net interest margins will remain low and fee income will also fall, driven by decreased retail spending. Overall, a rise in delinquencies, credit costs, and weaker earnings will mount pressure on the banking sector.
- The Monetary Authority of Singapores measures to boost bank lending include relaxing capital buffer and liquidity requirements for lenders, which may help mitigate the economic fallout from the Coronavirus pandemic and cushion some of the downside risks.
Reasons to Buy
- Make strategic decisions using top-level revised forecast data on the Singaporean retail lending and deposit industry.
- Understand the key market trends, challenges, and opportunities in the Singaporean retail lending and deposit industry.
- Receive a comprehensive insight into the total consumer loans in Singapore, including mortgages, personal and credit card loans as well as retail deposits balances.
Total Consumer Loans
Credit Card Loans
Other Consumer Loans
Ask for discount before buying this report
Please fill the enquiry form below.
For Enquiries, Call :
+1-800-998-4852US Toll Free
Email : firstname.lastname@example.org