Singapore lowers GDP growth due to COVID-19

The Ministry of Trade and Industry of Singapore downgraded its economic growth forecast to between 0.5-1.5 percent from the rate of between 0.5-2.5 percent estimated in November 2019.

18, Feb. 2020

Photo by Swapnil Bapat on Unsplash
Photo by Swapnil Bapat on Unsplash

SINGAPORE, VNA – The Ministry of Trade and Industry of Singapore on February 17 downgraded its economic growth forecast to between 0.5-1.5 percent from the rate of between 0.5-2.5 percent estimated in November 2019.

The ministry said that the acute respiratory disease caused by the novel coronavirus (COVID-19) would have negative impact on the Singaporean economy, especially in manufacturing, wholesale trade and tourism.

In Asia, the outbreak is likely to dampen the growth prospects of China and other affected countries this year.

The disease would cause a significant decrease in the number of international tourists to Singapore, the ministry said.

Last year, Singapore’s economy expanded by 0.7 percent, lower than the 3.4 percent growth rate of 2018. - VNA