SINGAPORE: Singapore has narrowed its economic forecast for 2020 to a contraction between 5 and 7 per cent, the Ministry of Trade and Industry said on Tuesday , as data showed a steep slump in the second quarter amid the COVID-19 pandemic.
These markets are expected to experience a more gradual pace of recovery in the second half of 2020, given the threat of localised outbreaks and the continued need for restriction measures to contain such outbreaks as they occur.
“These could in turn trigger negative feedback loops and potentially intensify the global recession,” MTI said. This is due to the longer time taken to clear these workers for work, as well as the challenges faced by firms in meeting the safe management measures required at workplaces for a safe restart.
The biomedical manufacturing cluster is also expected to continue to grow, supported by the production of pharmaceutical and biological products.