Singapore Economy To Shrink In Q1

The Singapore economy is set to contract in the first quarter as escalation in the COVID-19 situation poses downside risk to outlook, according to the quarterly Survey of Professional Forecasters published by the Monetary Authority of Singapore, released Wednesday.

Gross domestic product is expected to fall 0.8 percent in the first quarter. The growth projection for 2020 was downgraded to 0.6 percent from 1.5 percent. Then the growth is forecast to improve to 2 percent in 2021.

Respondents cited the spread of coronavirus, trade tensions and the outcome of the upcoming US elections as major downside risks to the outlook. Overall inflation and MAS core inflation were expected to come in at 0.7 percent and 0.6 percent, respectively, in the first quarter. The median inflation for 2020 as a whole was forecast to be 0.8 percent, down from 0.9 percent in the December survey.

Respondents forecast the jobless rate to be 2.4 percent at the year-end versus 2.3 percent projected in December.

1 view


by WooHoo Ireland


Woooo Fx Education

Camden Street Lower, St Kevin's, Dublin 2, Ireland D 02 XE 80 | +353-214-651-000 |

currency hedger logo_small.png
woohoo fx eu_gdpr_compliant_logo.png

Trading in leveraged currency contracts comes with substantial risk. You must be aware of these risks before opening an account to trade. High leverage amplifies gains as well as losses, leading to potential loss of the entire account balance. Trading in leveraged currency contracts may not be suitable for every investor. Never speculate using money that you cannot afford to lose.

© 2019 by WoOHOo Fx. Proudly created with WoOHoO AI Ireland

  • Facebook
  • Twitter
  • LinkedIn
  • Instagram