“Notwithstanding the downgrade, there continues to be a significant degree of uncertainty over the length and severity of the Covid-19 outbreak, as well as the trajectory of the economic recovery in both the global and Singapore economies,” MTI cautioned.
SINGAPORE (May 26): Singapore’s economy is looking at its worst recession since independence, with gross domestic product (GDP) forecast to contract between 7% and 4% this year.
The official forecast range was lowered by the Ministry of Trade and Industry (MTI) on Tuesday from its previously estimated contraction of between 1% and 4%, as the Covid-19 health-turned-economic crisis continues to disrupt economic activity.
