Restrictions in Singapore bring new round of downgrades in growth, employment

While foreign workers will account for the bulk of retrenchments in Singapore, resident unemployment will still rise.- ST/ANN

SINGAPORE (The Straits Times/ANN): Singapore's decision to keep most of its economy closed and people at home for another month will lower economic growth and raise job losses, said analysts.

The latest cut to the gross domestic product (GDP) growth and employment outlook came from DBS Bank, following earlier downgrades by OCBC Bank, UOB Group and Maybank.