Singapore downgraded its 2020 gross domestic product forecast for the third time on Tuesday, the trade ministry said, as the bellwether economy braces for the deepest recession in its history.
FILE PHOTO: The Marina Bay Sands integrated resort lights up in tribute to the healthcare workers and people staying home to curb the spread of the coronavirus disease outbreak in Singapore, April 10, 2020. REUTERS/Edgar Su
“Notwithstanding the downgrade, there continues to be a significant degree of uncertainty over the length and severity of the COVID-19 outbreak, as well as the trajectory of the economic recovery,” the trade ministry said in a statement. Analysts expect the trade-reliant economy to see a deeper contraction in the second quarter due to a two-month lockdown, in which most workplaces closed to curb the spread of the novel coronavirus.
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