SINGAPORE: Singapore will witness a deeper recession this year after the nation extended and tightened its partial lockdown, Citigroup Inc warned, widening its forecast for an economic contraction.
The city-state’s economy would contract by 8.5% in 2020, down from an earlier estimate of a 6% fall, economists Wei Zheng Kit and Kai Wei Ang wrote after Singapore extended “circuit breaker” measures until June 1 to “decisively” bring down coronavirus cases within the community.
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