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Singapore lowers GDP growth due to COVID-19

The Ministry of Trade and Industry of Singapore downgraded its economic growth forecast to between 0.5-1.5 percent from the rate of between 0.5-2.5 percent estimated in November 2019.
Singapore lowers GDP growth due to COVID-19 ảnh 1Illustrative image (Source: gCaptain)

Singapore (VNA) – The Ministry of Trade and Industry of Singapore on February 17 downgraded its economic growth forecast to between 0.5-1.5 percent from therate of between 0.5-2.5 percent estimated in November 2019.

The ministry said thatthe acute respiratory disease caused by the novel coronavirus (COVID-19) wouldhave negative impact on the Singaporean economy, especially in manufacturing,wholesale trade and tourism.

In Asia, the outbreakis likely to dampen the growth prospects of China and other affected countriesthis year.

The disease would causea significant decrease in the number of international tourists to Singapore,the ministry said.

Last year, Singapore’seconomy expanded by 0.7 percent, lower than the 3.4 percent growth rate of2018./.
VNA
#Ministry of Trade and Industry#Singapore#economic growth forecast#coronavirus#COVID-19#Vietnam#Vietnamplus#Vietnam News Agency
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