Singapore is heading for a lockdown for a month after cases of COVID-19 saw a sharp rise. The coronavirus pandemic has hit the global economy as businesses, except essential services, are shut in most nations. "The outlook for the world is bleak… The shock of this is going to be as severe as the Great Depression in 1930s. The challenges to India are not unique. They are part of a global problem," DBS Bank chief executive Piyush Gupta told NDTV. "But the reality is that countries like India do not have the wherewithal that some richer countries, like Singapore, for example, have immense budgetary surpluses and reserves that can be used to fight the problem," he said.
