Page 92 - Mariners Cricket Club (Singapore) - Souvenir Magazine 2020
P. 92
This growth will largely be spurred on by emerging markets, especially China, India, and
Southeast Asia, which are expected to grow by 7.4%. In contrast, traditional but slowing
economic powerhouses like Japan and the United States are predicted to grow by 2.4%
and 4.5% respectively.
***
Market trend for Shipping industry
The global economy is fuelled by the shipping industry. About 90% of world trade is
carried via shipping, with about 50,000 merchant ships trading internationally. But this
traditionally relatively stable industry faces an uncertain future this year.
Like many other industries, COVID-19 has driven the international shipping industry
into a corner.
When COVID-19 first started garnering international attention, ships avoided docking
at Chinese ports. In fact, in January 2020, the number of port calls at Shanghai and
Yangsheng decreased by 17% compared to the same period in 2019. During the Lunar
New Year period, 21 and 61 sailings along the US-Asia Pacific and Asia-Europe trade
routes respectively were cancelled.
Much of this can be attributed to the safety measures adopted by ports to mitigate the
spread of Covid-19.
Mariners’ Cricket Club (Singapore) 92
