Singapore cuts 2020 GDP forecast for third time on virus outbreak

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CORONAVIRUS | Singapore downgraded its 2020 gross domestic product (GDP) forecast for the third time on Tuesday, the trade ministry said, as the bellwether economy braces for the deepest recession in its history. The city-state lowered its GDP forecast range to a contraction of 7.0 percent to 4.0 percent from the prior range of a decline of 1.0 percent to 4.0 percent. Singapore’s economy fell 0.7 percent year-on-year in the first quarter, the ministry of trade and industry said, and 4.7 percent on a quarter-on-quarter basis, a less severe decline than advance estimates. “Notwithstanding the downgrade, there continues to be a significant degree of uncertainty over the length and severity of the Covid-19 outbreak, as well as the trajectory of the economic recovery,” the trade ministry said in a statement. Singapore also downgraded its 2020 forecast for non-oil domestic exports to -4…