Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

DBS Says Singapore Recession Inevitable In 2020 Due To Coronavirus

The possibility of Singapore edging towards its first full-year recession in nearly two decades is firming the case for the central bank to loosen policy.

Photo Credit :

1584591406_9uIvtQ_2020_03_19T034304Z_1_LYNXMPEG2I08E_RTROPTP_3_SINGAPORE_DAILYLIFE.JPG

Singapore's economy will contract by 0.5% in 2020, the city-state's biggest bank DBS said on Thursday, adding a recession was inevitable due to an expected hit from the coronavirus outbreak.

DBS's prior estimate was for the economy to grow 0.9%.

"A recession in Singapore appears inevitable, and we have revised our full year GDP growth forecast for 2020 to -0.5% to reflect the recession scenario," said DBS economist Irvin Seah.

The government has already signaled a chance of a recession this year and cut its growth forecasts.

The possibility of Singapore edging towards its first full-year recession in nearly two decades is firming the case for the central bank to loosen policy.

(Reuters)


Tags assigned to this article:
dbs Coronavirus Scare singapore