Singapore's Economy is Predicted to Minus Up to 7 Percent at This Year

TRIBUNBATAM.id - Singapore is cutting its economic forecast for 2020 for the third time over the coronavirus or Covid-19 pandemic.

This is after data on Singapore's economic growth in the first quarter showing contraction.

According to the Singapore Department of Trade and Industry, the Singapore economy is predicted to contract or minus between 4 percent and 7 percent this year. 

This is the third revision this year, where the previous projection was between 1 percent and 4 percent.

Launch CNBC, Tuesday (05/26/2020), the Singapore Ministry of Trade and Industry said the lockdown policy, which aims to reduce the spread of Covid-19, damages economic activity in large countries such as the US, Europe, and China.

This will continue even after countries cancel the lockdown steps.

In addition, there is the potential for a second wave of infection that may occur after the lockdown is opened. 

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"Despite the downgrade, there is still a significant degree of uncertainty over the time period and the severity of the Covid-19 outbreak, as well as the trajectory of global and Singapore economic recovery," he said.

Singapore also reports the highest number of coronavirus cases in Asia. As of the beginning of this week, Singapore confirmed 31,960 cases, including 23 deaths.

The Singapore government imposed a partial lockdown in early April, which included the temporary closure of schools and most workplaces. (*) 

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