SG Downgrades Economic Forecast For 3rd Time

As Singapore continues onto the final part of the Circuit Breaker and moves on to the subsequent Phase-based lockdown, the Ministry of Trade and Industry drastically downgraded its economic forecast for Singapore to a shrinkage of between 4.0% and 7.0% this year.

Singapore has reported one of the highest numbers of coronavirus cases in Asia, and the high numbers has made authorities cautious about reopening various business sectors, thus further impacting the economy. 

President Halimah Yacob said that she has given her support for the Government to draw on the nation's reserves for a fourth support package to help businesses and people cope with the economic fallout from the Covid-19 pandemic. The fourth budget, named the ‘Fortitude Budget’, will focus primarily on jobs.

We hope that Singapore's economy finds its footing amidst these rough times!