The revised forecast follows the historic drop in 2Q2020 GDP to 13.2% year-on-year, sharper than MTI’s advance estimate of a 12.6% drop and the -0.3% dip experienced in 1Q2020 ended March.
Economists are maintaining a cautious stance on Singapore’s economic growth for the year as the city-state reels from the Covid-19 bug.
The republic is now looking to shrink between 5% and 7% this year, lower than the 4% and 7% previously forecast, the Ministry of Trade and Industry (MTI) revealed on August 12.
