Singapore lowers its GDP forecast to a contraction range of -7% to -4%


Singapore downgraded its 2020 gross domestic product forecast for the third time on Tuesday, the trade ministry said, as the bellwether economy braces for its deepest-ever recession. The city-state lowered its GDP forecast to a contraction range of -7% to -4% from the prior range of -1% to -4%. Singapore's economy shrank 0.

7% year-on-year in the first quarter and 4.7% on a quarter-on-quarter, a less severe decline than advance estimates, although officials and analysts warned of more pain ahead. "There continues.

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