Singapore recession 'inevitable', says DBS Bank

Singapore's downturn this year is expected be a lot deeper than that during the severe acute respiratory syndrome outbreak in 2003, and more painful than the Global Financial Crisis in 2009.ST PHOTO: MARK CHEONG

SINGAPORE, March 19 (The Straits Times/ANN) - A recession in Singapore "appears inevitable", said DBS Bank as it now sees the economy shrinking by 0.5 per cent this year, instead of the 0.9 per cent growth it forecast last month.

This downgraded forecast still comes with significant downside risks should the coronavirus outbreak worsen further, DBS economist Irvin Seah said in a research note on Thursday (March 19).