The Singapore economy is expected to shrink by between 4.0% and 7.0% this year, according to the Ministry of Trade and Industry.
Singapore's economy is expected to shrink by between 4.0% and 7.0% this year, the third official downgrade in economic forecasts this year, according to the Ministry of Trade and Industry.
That came as the Southeast Asian economy registered a 0.7% contraction in the first quarter from a year ago, better than the official preliminary estimates of a 2.2% fall in GDP, the ministry said.Singapore skyline on March 24, 2020 in Singapore. Singapore will not allow short term visitors to enter or transit through the country from Mar. 24 to contain the spread of the infection.
The Singapore economy is now expected to shrink by between 4.0% and 7.0% this year, according to the Ministry of Trade and Industry. That's the third official downgrade in economic forecasts this year.That came as the Southeast Asian economy registered a 0.7% contraction in the first quarter from a year ago, the ministry said. That's better than the official preliminary estimates of a 2.2% fall in GDP and the 1.5% contraction forecast by analysts in a Reuters poll.
The city-state has reported one of the highest numbers of coronavirus cases in Asia. As of Monday, Singapore has confirmed 31,960 cases including 23 deaths, according to its health ministry.in early April, which include temporary closures of schools and most workplaces. The measures are set to be gradually rolled back next month.
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