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Coronavirus could spark a financial crisis for struggling countries, Singapore’s trade minister warns
Many more might die of hunger or violence due to civil and economic unrest than by the Corona Virus itself.
“What we are concerned is that, if we are not careful, some of the countries might get into a financial crisis beyond a health crisis, beyond a economic crisis,” Chan said.
“Because if you can’t have a healthy fiscal balance, you need to borrow. If you can’t borrow, then you need to print money. If you print money, you’re going to debase your currency, and that’s going to be very serious on the stability of the entire global financial system, leading to real impact on the real economy,” he added.
Many more might die of hunger or violence due to civil and economic unrest than by the Corona Virus itself.