Virus-hit Singapore economy to shrink up to 7%
A seating area has been cordoned off as restrictions are set up to halt the spread of the coronavirus in Singapore’s central business district. – AFP pic, May 26, 2020.
SINGAPORE’S economy, a bellwether for global trade, could shrink by as much as 7% this year, as the coronavirus pandemic throttles demand, the government said today. The trade ministry downgraded its forecast as official data showed gross domestic product fell by 0.7% year-on-year in the first quarter to March, and by 4.7% compared with the previous quarter.
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