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./.
VNA
