Pharma lifts Q1 but Q2 will be painful; full-year GDP to dip up to 7%
Singapore
THE economic hit from the deadly novel coronavirus will likely be at its worst in the second quarter, according to forecasts from the Ministry of Trade and Industry (MTI) on Tuesday.
But even a "very gradual" recovery in the second half could be marked by negative year-on-year prints, policymakers warned at a briefing, as they downgraded Singapore's recession outlook deeper into the red.
Full-year gross domestic product is expected to shrink by between 4 per cent and 7 per cent, after the forecast was slashed for the third time. The earlier guidance had been for a contraction of 1 per cent to 4 per cent.
The downgrade is due to both a weaker external demand outlook for Singapore, and the impact of th…
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