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Singapore has cut its economic growth projection even further due to the impact of the coronavirus.
Officials say they expect the economy to shrink 4 to 7% - and are bracing for the worst recession the country has faced in its 55-year history. Previous estimates projected a contraction of 1 to 4%.
This is the the country's third revision in more than three months. Its Ministry of Trade and Industry reports that measures taken during the country's “circuit breaker” period (similar to a lockdown) have triggered large-scale job losses and weakened consumer spending.
The South East Asian country has one of the highest numbers of infections in Asia due to mass outbreaks in cramped migrant worker dormitories.
Last month, the government announced three stimulus packages worth $42bn support for some businesses.
After the most recent cut in GDP projections, officials say a fourth stimulus package could be announced later today. The last time Singapore faced such economic hardship was during the Asian Financial Crisis in 1998, when the economy shrank by 2.2%
As a financial hub with a huge port, the country is considered to be a bellwether - that is, an indicator of future trends - for international trade and the global economy.
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2020-05-26 03:11:15Z
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