Singapore: Officials slash country's economic forecast for the third time this year

An official data revealed on May 26 showed that Singapore has cut its economic forecast for 2020 for the third time in the first quarter of the year as it is badly hit by coronavirus pandemic. Ministry of Trade and Industry reportedly said that the economy of Singapore is expected to shrink by almost  4.0% and 7.0% this year from the prior range of 1% to 4%. It is the third official downgrade in economic forecasts this year. 

READ: Singapore Reports Lower Number Of 344 New COVID-19 Cases

Major economies hit

The ministry reportedly said in a statement while announcing its last economic forecasts in March that other major economies around the world are also suffering more severe than expected. The statement explained that the lockdown measures taken to curb the coronavirus pandemic have hurt economic activities in major economies such as the US, Europe, and China. The ministry reportedly said that such downgrade of the economy would continue even after countries roll back those containment measures but there is a further risk that second wave of infection may emerge. 

READ: Singapore Reports 448 New Coronavirus Cases, Nationwide Toll Soars To 29,812

Manufacturing, wholesale trade, and transportation and storage will be hit in Singapore while many consumer-facing companies in retail and food services have suffered during the containment measures taken to control the virus, the ministry added. According to the reports, Singapore's finance minister is all set to deliver the latest economic package of multi-billion-dollar to bring in track the businesses and households hit by pandemic.

23 coronavirus deaths 

The city-state reportedly imposed a partial lockdown after a second wave of the deadly coronavirus. This second wave was mainly sparked by foreign workers that lived in overcrowded dormitories where social distancing cannot be practised. Singapore has till date only reported 23 coronavirus related deaths and plans to lift coronavirus restrictions starting June.

As per reports, Singapore plans to slowly reopen the country so that its citizens are able to conduct essential activities abroad and this would also allow foreigners to enter the country, be it to stay in Singapore or transit through. The Singapore government has announced that foreigners will be able to transit through its Changi Airport from June 2 onwards. The passengers will still have to follow several protocols and the passengers must also remain in designated areas during their transit.

READ: Human Rights Group Criticises Singapore SC Over Death Sentencing Of A Man Via Zoom Call

READ: Singapore F1 Can't Be Held Behind Closed Doors: Organisers

(Image Credit: AP)