After the official data showed that Singapore’s economy was affected by the Coronavirus in the first quarter of this year, the Ministry of Trade and Industry reduced its economic growth forecast for the third time in 2020.
In its new forecast, the ministry said it expects Singapore’s economy to go between 0.4 percent and 0.7 percent this year. This is the third time the Singapore government has cut its economic growth forecast for this year.
As per the previous forecast, the country’s gross domestic product would go between 0.1% and 0.4%. The Ministry of Trade and Industry announced in a statement: Compared to the previous forecast(March), the disruptions caused by the pandemic in the world’s major economies have been higher than expected.
Restrictions and quarantine imposed on Corona in major economies such as the United States and Europe, Singapore’s major trading partners, have hurt economic and trade activity.