SINGAPORE: The city-state’s central bank chief said aviation and tourism industries are a worry with an expected slow recovery in travel. Singapore’s central bank chief said as much as 20 percent of the city-state’s economy faces “deep scarring” from the coronavirus pandemic. Aviation and tourism industries are a worry, especially with an expected slow recovery in travel, Ravi Menon, managing director of the Monetary Authority of Singapore, said at a virtual event hosted by the Institute of International Finance. About 10 to 20 per cent of the economy faces scarring from the virus, he said. “What is going to happen to that industry when the planes haven’t flown, the pilots haven’t flown for months on a stretch?” said Mr Menon. “It’s not like picking up after taking two months off. When you take two years off, it’s very different.” TLTP
