Lower-income hit hardest by Covid-19, as better off still buying stocks, homes, cars

Singapore

COVID-19 has handed Singapore its deepest recession since the country's independence, but the pain inflicted by the pandemic has been unevenly spread.

Economists have dubbed the crisis as one primed for a "K-shaped" recovery, one where different parts of the economy recover at different rates, different times or different magnitudes. Thus in Singapore, lower-income workers have been hit hard particularly by retrenchments, but there are also others with cash to spare and secure jobs to hang on to.