SINGAPORE--Singapore's economy, a bellwether for global trade, could shrink by as much as 7 percent this year, as the coronavirus pandemic throttles demand, the government said Tuesday.
Like many other countries, Singapore has ordered the closure of most businesses, advised people to stay at home, and banned large gatherings.Lockdowns to contain the virus in major markets such as the United States, Europe and China have crippled demand for exports, and a halt in international air travel has hammered Singapore's key tourism sector.
"First, there is a risk that subsequent waves of infections in major economies such as the US and Eurozone may further disrupt economic activity," it said.
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