An empty street in Singapore as people stay at home to curb the spread of virus on May 22.
The trade ministry downgraded its forecast as official data showed gross domestic product fell by 0.7% year-on-year in the first quarter to March, and by 4.7% compared with the previous quarter. “There remain significant uncertainties in the global economy,” the trade ministry said in a statement. “Second, a growing perception of diminished fiscal and monetary policy space in many major economies could damage confidence in authorities’ ability to respond to shocks.”
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