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Updated May 26th, 2020 at 19:24 IST

Singapore's economy could shrink by 7% this year due to pandemic crisis

Amidst the coronavirus pandemic, Singapore has revealed that its economy could shrink by as much as seven per cent this year due to COVID-19.

Reported by: Shubham Bose
Singapore: Worst economic contraction since independence likely
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Amidst the coronavirus pandemic, Singapore has revealed that its economy could shrink by as much as seven per cent this year. According to reports, if Singapore’s economy does shrink by seven per cent it would be the worst reading since independence. The grim forecast was made by the country’s government on May 26.

Pandemic has throttled key export sector

As per reports, the city-state is seen as an indicator of the global economy and the shrinking of Singapore’s economy shows the impact that the coronavirus is having on the economies of several countries. The city-state has been crippled by months of lockdowns. This latest announcement by the Trade Ministry is a change from the ministry’s four per cent contraction estimate that it had made back in March.

According to reports, Singapore is one of the world’s most open economies and is usually hardest hit during any unprecedented global shock. The ministry revealed that its new estimate of seven per cent was based on the gradual deterioration in external demand and a partial lockdown imposed internally. The shutdown of major global markets like the United States, Europe and China have crippled the demand for exports and even Singapore’s tourism industry has been affected.

Read: Singapore: Officials Slash Country's Economic Forecast For The Third Time This Year

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

As per reports, Singapore in an effort to contain the deadly coronavirus has closed most businesses and advised people to stay at home and has banned large gatherings. According to officials, some restrictions may be lifted sometime in early June but the effects of the coronavirus will undoubtedly linger in daily life. Singapore has reported 32,343 positive coronavirus cases but only 23 deaths. The deadly coronavirus outbreak that began in Wuhan, China late last year has infected 5,519,878 people and killed at least 346,700 people worldwide.

(Representative Image)

Read: Singapore Reports 548 New COVID-19 Cases

Read: Singapore Reports 614 New Coronavirus Infections, Total Cases Cross 30,000-mark

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Published May 26th, 2020 at 19:24 IST

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