Singapore cuts 2020 GDP forecast for third time on virus outbreak

Economy

SINGAPORE (Reuters) – Singapore downgraded its 2020 gross domestic product forecast for the third time as the COVID-19 pandemic batters the bellwether economy, the trade ministry said on Tuesday.

The city-state lowered its GDP forecast range to a contraction of 7% to 4% from the prior range of a decline of 1% to 4%.

Singapore’s economy contracted 0.7% year-on-year in the first quarter, the ministry of trade and industry said, and 4.7% on a quarter-on-quarter basis, a less severe decline than advance estimates.

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