Singapore downgrades 2020 economic growth forecast to -0.5-1.5 per cent on coronavirus impact

Singapore's Ministry of Trade and Industry said its earlier forecast was premised on a modest pickup in global growth, along with a recovery in the global electronics cycle, in 2020.- ST

SINGAPORE (The Straits Times/ANN): The Ministry of Trade and Industry (MTI) on Monday (Feb 17) downgraded its economic growth forecast to between -0.5 and 1.5 per cent - indicating a possible recession - due to a weakened outlook after the outbreak of the coronavirus.

The MTI also said growth is expected to come in at around 0.5 per cent, the mid-point of the forecast range. In November, the MTI forecast economic expansion of between 0.5 and 2.5 per cent for 2020.