Let's start from before Covid-19, the business environment across the region was already challenging when the trade-war escalated between China and USA around early Q3 2019. Banks had started to provision for this in 2020 on the back of this alone. When travel restrictions were implemented, it became clear that travel-related businesses (airlines, travel & tour agencies, hospitality, conventions & exhibitions, etc) were to be hit badly. And when the Circuit-Breaker measures started on 7th
April 2020 in Singapore (where the general public was told to stay home, and social gatherings of any size were prohibited in both private and public spaces), the crowds dried up at the heartland shops, shopping centers, as well as eateries and hawker centers island-wide. This then started a domino-effect that saw businesses across practically all industries getting affected as well.
I believe the full impact that these measures have had on Singapore businesses and the people they employ over the past 2 months will continue to play out even after these are lifted in phases starting from 2nd
June 2020. It will not be anything like just "turning the switch back on" and things will then "go back to normal". I think a "new normal
" will come to into play.