Singapore is the latest nation to predict a devastating coronavirus recession as the pandemic ravages 2 of its biggest industries | Markets Insider

Singapore's economy could contract up to 7% this year, according to the country's trade ministry.

Singapore is the latest nation to predict a catastrophic shrinkage of its economy this year, driven by the pandemic. The statement said the forecast for economic growth in Singapore is now between -7% and -4%, down from between -4% and -1%. "Notwithstanding the downgrade, 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, in both the global and Singapore economies," the ministry's statement said.

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