Singapore downgraded 2020 GDP outlook again as virus attacks economy

Singapore has dropped its GDP forecast to a contraction range of -7 per cent to -4 per cent.

Singapore cuts its 2020 gross domestic product forecast again for the third time on Tuesday. The trade ministry said, as the bellwether economy is expected for its deepest ever recession.

Singapore’s economy in the first quarter contracted 0.7 per cent year on year and 4.7 per cent on a quarter on quarter, a less threatening decline than advance estimates, but officials and analysts warned of more pain ahead. All this is because of the two-month lockdown.

Due to a surge in demand for pharmaceuticals, exports have been one of the very few bright spots for the economy in recent times.

The city-state reported one of the highest number of infections in Asia and is planning to ease the lockdown from next month in a gradual manner.

Singapore’s finance minister is all prepared to deliver the latest in a update on the multi-billion-dollar economic packages to provide some relief to businesses and households on Tuesday.

Read more: https://www.khaleejtimes.com/business/global/singapore-warns-of-worst-economic-contraction-since-independence