• About us
  • Donate
  • WADR
  • Contact us
  • Live Stream
Saturday, June 7, 2025
Loud Silence News
Advertisement
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
Loud Silence News
No Result
View All Result
Home US News US Business

Singapore faces deeper-than-forecast recession as virus clouds global outlook, central bank says

Loud Silence Staff by Loud Silence Staff
April 28, 2020
in US Business
0
Singapore faces deeper-than-forecast recession as virus clouds global outlook, central bank says
2
SHARES
13
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

[ad_1]

Signage for the Monetary Authority of Singapore (MAS) is displayed outside the central bank’s headquarters in Singapore.

Sam Kang Li | Bloomberg | Getty Images

A recession in Singapore’s trade-reliant economy could be deeper than forecast as the protracted nature of the Covid-19 pandemic is likely to hamper a decisive rebound in global activity, the city-state’s central bank said on Tuesday.

“There remains significant uncertainty over the severity of the downturn, as well as the eventual recovery,” the Monetary Authority of Singapore (MAS) said in its semi-annual macroeconomic review.

“The materialisation of downside risks … could tip the growth outcome in Singapore below the forecast range.”

Singapore’s current forecast for GDP is -4% to -1%, but growing risks to the outlook include more stringent measures to contain the spread of the coronavirus in Singapore and around the world, the central bank said.

It also flagged the collapse in crude prices, with oil-related industries such as marine and offshore engineering and petroleum refining accounting for up to 4% of Singapore’s GDP.

The MAS eased monetary policy last month as the economy faces its worst recession in its 55-year history.

The Covid-19 pandemic knocked Singapore’s economy in the first quarter, when it shrank 2.2% — its sharpest contraction since the 2009 financial crisis.

Singapore has among the highest number of infections in Asia and has extended virus-fighting curbs, which include the closure of most workplaces and schools until June 1. The measures were initially set to run for a month until May 4.

The virus has infected more than 14,000 people in the city-state and killed 14. Globally over 3 million people have been infected, while the death toll has crossed 210,000.

The MAS said GDP will contract even more in the second quarter due to the severity of the outbreak in Singapore’s major trading partners, as well as the strict measures to curb transmission domestically.

Unemployment is also likely to rise and wages drop, a factor contributing to deflation in both core and headline prices in 2020 for the first time since 2002, the central bank said.

Despite the grim outlook, the economy had not experienced significant capital outflows or unusual funding stresses, MAS added.

[ad_2]

This content first appear on cnbc

You might also like

Billionaire Mark Zuckerberg loses $5.9bn in a day as Facebook faces rare outage, whistleblower testimony

Global cases top 3.6 million, Trump says more deaths inevitable

Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition

Tags: Asia Economybusiness newsCentral bankingCoronavirusCOVID-19Disease outbreaksInfectious diseasesPandemicsRecessions and depressionsSingapore
Previous Post

Large Study of COVID-19 NYC Hospital Cases Shows High Mortality

Next Post

Nienaber | How a simple change turned Springboks into world champions

Loud Silence Staff

Loud Silence Staff

Related Posts

US Business

Billionaire Mark Zuckerberg loses $5.9bn in a day as Facebook faces rare outage, whistleblower testimony

by News Reporter
October 5, 2021
Global cases top 3.6 million, Trump says more deaths inevitable
US Business

Global cases top 3.6 million, Trump says more deaths inevitable

by Loud Silence Staff
May 6, 2020
Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition
US Business

Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition

by Loud Silence Staff
May 6, 2020
US Business

United Airlines service workers sue over schedule cuts after airline got federal coronavirus aid

by Loud Silence Staff
May 5, 2020
Disney reports quarterly earnings, and TikTok gains more influence
US Business

Disney reports quarterly earnings, and TikTok gains more influence

by Loud Silence Staff
May 5, 2020
Next Post
Nienaber | How a simple change turned Springboks into world champions

Nienaber | How a simple change turned Springboks into world champions

Recommended

Penguin Meets Up With Orangutan During Excursion In Empty San Diego Zoo

Penguin Meets Up With Orangutan During Excursion In Empty San Diego Zoo

May 1, 2020
CIA warned employees against Trump’s wonder drug

CIA warned employees against Trump’s wonder drug

April 14, 2020

Categories

  • African Business
  • African Education
  • African Health
  • African News
  • African Politics
  • African ShowBiz
  • Education
  • Ghana Business
  • Ghana News
  • Ghana ShowBiz
  • Ghana Sports
  • Human Interest Stories
  • News
  • Opinion
  • People
  • ShowBiz
  • Social Trends
  • US Business
  • US Education
  • US Health
  • US News
  • US Politics
  • US Showbiz
  • WADR
  • World Business
  • World News
  • World Politics
  • World Showbiz
  • World Sports

Don't miss it

President Mahama Unveils 24-Hour Economy Plan, Set to roll out in July
Ghana News

President Mahama Unveils 24-Hour Economy Plan, Set to roll out in July

May 28, 2025
Unmasking the Propaganda Machine: The Coordinated Smear Campaign Against Dr. Anne Sansa Daly
Ghana News

Ghana’s Medical and Dental Council Clarifies Stance on Dr. Anne Sansa Daly’s Certification

May 26, 2025
Nii Armah Amarteifio Apologizes to Dr. Daly
Ghana News

Nii Armah Amarteifio Apologizes to Dr. Daly

May 24, 2025
Unmasking the Propaganda Machine: The Coordinated Smear Campaign Against Dr. Anne Sansa Daly
Ghana News

Unmasking the Propaganda Machine: The Coordinated Smear Campaign Against Dr. Anne Sansa Daly

May 23, 2025
Legal Notice: Demand for Retraction of Defamatory Publication
Ghana News

Legal Notice: Demand for Retraction of Defamatory Publication

May 23, 2025
Legal Notice: Demand for Retraction of Defamatory Publication
Ghana News

Legal Notice: Demand for Retraction of Defamatory Publication

May 23, 2025

About Us

LOGO

Loud Silence Radio & TV Network and is a multi media production company focusing on Ghanaian and African news.

Contact

  • Alexandria, Virginia, USA
  • +1 212-602-9641
  • loudsilenceradio@gmail.com
Facebook Twitter Youtube Linkedin

Download App

google play store

© 2021 Loud Silence Media. All rights reserved.

  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
Menu
  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.