Today-Feb 17

The Ministry of Trade and Industry (MTI) has slashed Singapore’s economic growth forecast for 2020 amid the Covid-19 outbreak, with a possible full-year recession on the cards. In a press release on Monday (Feb 17), the MTI downgraded its gross domestic product (GDP) growth forecast to between -0.5 per cent and 1.5 per cent, with overall growth to come in at around 0.5 per cent. Its previous forecast was between 0.5 and 2.5 per cent. On Friday, Prime Minister Lee Hsien Loong said that the economic impact of the Covid-19 outbreak was already bigger than in 2003, when Singapore was hit with an outbreak of the severe acute respiratory syndrome (Sars). Mr Lee also said that a recession was possible.

Read more at https://www.todayonline.com/singapore/mti-slashes-gdp-forecast-2020-amid-covid-19-outbreak-possible-full-year-recession-cards