Singapore downgrades economic forecast, on course for worst recession since independence

Singapore’s trade ministry on Tuesday predicted the bellwether economy could shrink by up to 7 per cent, a level not seen since it gained independence as signs mount of a slow road to recovery from the coronavirus recession amid concerns of future waves of the pandemic.The city state’s growth forecast now stands at a range of -7.0 per cent to -4.0 per cent, down from the official prediction of -4.0 to -1.0 per cent in March.The forecast range puts the country on course to its worst recession…

from South China Morning Post https://www.scmp.com/week-asia/economics/article/3086029/singapore-downgrades-economic-forecast-course-worst-recession