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Singapore’s trade ministry announced on Tuesday that the city-state lowered its gross domestic product outlook for 2020. It had cut its GDP forecast for the third time already as the virus-beaten economy prepares for its steepest recession.
Singapore’s GDP is likely to record a -7% to -4% contraction rate, way lower than the initial range of -1% to -4%. It also reduced this year’s outlook for non-oil domestic exports, forecasting a contraction rate of -4.0% to -1.0%. It was set lower than the initial speculation of -0.5% to 1.5%.
Year-on-year records showed that Singapore’s economy declined by 0.7% in the first quarter, with a 4.7% decline recorded on a quarterly basis. The reading came out milder than expected but policymakers and analysts warned of more economic pressure in the coming months.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
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