Singapore warns of worst economic contraction since independence

A man passes a closed off mall amid the coronavirus disease outbreak in Singapore on Tuesday (May 26). Singapore's virus-hit economy could shrink by as much as seven per cent this year -- the worst reading since independence. - Reuters

SINGAPORE: Singapore's virus-hit economy could shrink by as much as seven per cent this year -- the worst reading since independence -- the government said Tuesday (May 26), as it unveiled a fresh multi-billion dollar stimulus package earlier in the day.

The city-state is seen as a bellwether of the global economy, and the forecast historic contraction highlights the extreme pain being wrought on countries by the killer disease.