"Notwithstanding the narrowing of the forecast range, there continues to be significant uncertainty over how the Covid-19 situation will evolve in the coming quarters, and correspondingly, the trajectory of the economic recovery in both the global and domestic economies," said MTI.
Singapore’s Ministry of Trade and Industry (MTI) has revised its growth forecast for the year to -7% and -5%, from its previous -7% and -4% range.
The move serves to reflect the economic impact of the ‘circuit breaker’ measures that lasted between April and May, as well as the sharp deterioration in the growth outlook of other economies that have been weighed down by the Covid-19 pandemic.
