Singapore to suffer economic recession in 2020 due to COVID-19
The Singaporean Ministry of Trade and Industry (MTI) on March 26 admitted that the country’s economy is looking headed for its first full-year recession in about two decades as the COVID-19 pandemic is causing negative impact on the global scale.
Singapore is looking headed for its first full-year recession in about two decades due to impact of the COVID-19 pandemic (Source: The Star)
Hanoi (VNA) – The Singaporean Ministry of Trade and Industry (MTI) onMarch 26 admitted that the country’s economy is looking headed for its firstfull-year recession in about two decades as the COVID-19 pandemic is causingnegative impact on the global scale.
Based on advanceestimates, the MTI predicted the economy to contract by 2.2 percent year-on-yearin the first quarter of 2020, worse than the 0.8 percent projection of the MonetaryAuthority of Singapore (MAS) earlier this month.
The MTI also downgradedits 2020 growth forecast to a range of -4.0 to -1.0 percent this year, from anearlier estimate of -0.5 percent to 1.5 percent. The last time Singaporeregistered a full-year contraction of its economy was in 2001 when growth fellby 1 percent.
The adjustment is dueto tighter border controls and social distancing applied to curb the spread ofthe coronavirus SARS-CoV-2 affecting domestic consumption and external demandfor Singapore’s goods and services.
Deputy PrimeMinister Heng Swee Keat is set to announce a supplementary budget in parliamenton the day and detail additional support measures to help workers, businessesand households cope. This will be on top of a 4 billion SGD package rolled outlast month./.
Singapore Airlines (SIA) will cut 96 percent of its scheduled capacity until the end of April as border controls around the world are tightened over the past days to curb the COVID-19 outbreak.
Singapore’s core inflation fell sharply to -0.1 percent in February, from 0.3 percent in January, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said on March 23.
Singapore announced on March 24 that it will close bars, cinemas and all other entertainment outlets from 11:59pm on March 26 till April 30 to curb the spread of the coronavirus SARS-CoV-2.
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Singapore is looking headed for its first full-year recession in about two decades due to impact of the COVID-19 pandemic (Source: The Star) 
