Small and medium-sized businesses (SMBs) around the CBD and airport in Singapore and Hong Kong have had to grapple with the effects of COVID-19. According to the Recovery Insights: Small Business Reset report by Mastercard Economics Institute, SMBs in Singapore’s CBD area saw their spending drop to around 13% of their pre-COVID levels (2019) in April 2020 and bounced back to 74% of their pre-COVID levels by August 2021. Large businesses in the country’s CBD area witnessed a more dramatic shift – from 28% of pre-COVID spending levels in April 2020, to 129% of pre-COVID levels by August 2021.
On the other hand, both SMBs and large businesses outside of Singapore’s CBD area have outperformed their pre-COVID levels, with large businesses and SMBs’ spending levels at 104% and 129% of their pre-COVID levels.
According to the report, the support for businesses in Singapore comes from the government’s push to promote domestic tourism. In July 2020, the Singapore Tourism…