After official data showed that Singapore’s economy was hit by Coronavirus in the first quarter of this year, the Ministry of Commerce and Industry lowered its forecast for economic growth for the third time in 2020.
In its new forecast, the ministry said it expects the Singapore economy to go between 0.4 and 0.7 percent this year. This is the third time that the Singapore government has lowered its forecast for economic growth this year.
According to the previous forecast, the country’s gross domestic product would range between 0.1% and 0.4%. The Ministry of Commerce and Industry announced in a statement: Compared to the previous forecast (March), the disruptions caused by the pandemic in the main world economies have been higher than expected.
The restrictions and quarantine imposed on Corona in major economies such as the United States and Europe, Singapore’s main trading partners, have affected economic and commercial activity.