Coronavirus could spark a financial crisis for some countries, Singapore's trade minister warns
"Not many countries have the means like Singapore from our reserves to inject the necessary liquidity into the system," Chan said.
Chan called on the world's major economic powers to step up their leadership in these trying times to "provide stability" for the global financial system. Singapore, a tiny Southeast Asian country, was one of the earliest countries outside China to report cases of the coronavirus disease, formally named COVID-19.As the pandemic worsened globally, some countries have also turned more protectionist. That could pose a risk for global supply chains, Chan also warned.
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