The recession in Singapore could be deeper than expected this year as the coronavirus epidemic continues to fight rich city-states.
Officials there on Tuesday lowered the country’s economic forecast for the third time this year. According to the Ministry of Commerce and Industry, GDP growth will now fall between 4% and 7% – from the expected 1% to 4%.
The sight of darkness marked a major departure from just a few months ago. Earlier this year, Singapore was seen as one of the few countries to have a coronavirus response under its control.
But it has had a disturbing experience recently The second wave of infection, Leads to higher limitations. According to the data, the archipelago now has 31,990 confirmed cases compared to hundreds in March. Johns Hopkins University.
Singapore was already heading for a recession last year as exports fell due to the US-China trade war.
Now, “we think the economy is already in recession,” said Sun Yoon Jung Oxford Economics, wrote in a research note on Tuesday.
To search the flagged economy, the government has deployed billions of dollars in stimulus systems.
A new package is also expected later on Tuesday, when Deputy Prime Minister and Finance Minister Heing Sui Sui Keat presented a relief plan for business in a speech to parliament.