SINGAPORE - Singapore may suffer a deeper recession this year than earlier estimated due to the coronavirus-induced economic slump at home and abroad.
The GDP decline was due to the circuit breaker measures implemented from April 7 to June 1, 2020 to slow the spread of Covid-19 in Singapore, as well as weak external demand amid a global economic downturn caused by the pandemic, said the MTI in a statement. Since the last GDP forecast update in May, Singapore's external demand outlook has weakened slightly, it noted.
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