A recession in Singapore's trade-reliant economy could be deeper than forecast as the protracted nature of the COVID-19 pandemic is likely to hamper a decisive rebound in global activity, the city-state's central bank said on Tuesday.
SINGAPORE - A recession in Singapore’s trade-reliant economy could be deeper than forecast as the protracted nature of the COVID-19 pandemic is likely to hamper a decisive rebound in global activity, the city-state’s central bank said on Tuesday.
“The materialisation of downside risks ... could tip the growth outcome in Singapore below the forecast range.” The MAS eased monetary policy last month as the economy faces its worst recession in its 55-year history. The virus has infected more than 14,000 people in the city-state and killed 14. Globally over 3 million people have been infected, while the death toll has crossed 210,000.
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