Singapore's economic outlook for 2020 was lowered further due to the deterioration in foreign demand forecast and the expected economic impact of the coronavirus containment measures.
The Ministry of Trade and Industry on Tuesday forecast the city-state economy to shrink "-7.0 to -4.0 percent" this year instead of "-4.0 to -1.0 percent projected in March.
The ministry said there continues to be a significant degree of uncertainty over the length and severity of the coronavirus, or Covid-19, outbreak, as well as the trajectory of the economic recovery, in both the global and Singapore economies.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.