SINGAPORE - Singapore downgraded its 2020 gross domestic product forecast for the third time on Tuesday, the trade ministry said, as the bellwether economy braces for its deepest ever recession.
"There continues to be a significant degree of uncertainty over the length and severity of the COVID-19 outbreak, as well as the trajectory of the economic recovery," said Gabriel Lim, permanent secretary at the ministry of trade and industry. Exports have been a rare bright spot for the economy in recent months mainly due to a surge in demand for pharmaceuticals.
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