Singapore faces 6% recession after lockdown, pandemic

Picture courtesy of The Straits Times/Asian News Network

SINGAPORE, Sept 7 (dpa): Singapore's central bank on Monday said that the country's economy, the wealthiest per-capita in South-East Asia, could shrink by 6 per cent in 2020.

Based on a survey of 26 economists by the Monetary Authority of Singapore (MAS), the projected decline tops previous warnings of a 5.8-per-cent contraction and comes after a worse-than-expected 13.2-per-cent gross domestic product (GDP) slump during the second quarter.