Singapore cuts 2020 GDP outlook again as virus batters economy

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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.

FILE PHOTO: The Marina Bay Sands integrated resort lights up in tribute to the healthcare workers and people staying home to curb the spread of the coronavirus disease outbreak in Singapore, April 10, 2020. REUTERS/Edgar Su

“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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