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According to a median forecast of 21 economists surveyed by the Monetary Authority of Singapore (MAS), the country’s central bank, Singapore’s economy is likely to see a sharp contraction in the first quarter of this year due to the coronavirus impact.

Key findings

“Singapore’s gross domestic product is expected to contract 0.8% year-on-year in the first quarter and expand just 0.6% for the full year.

They had expected 2020 growth of 1.5% growth in the last MAS survey in December.

Singapore has an official GDP forecast range of -0.5% to 1.5% and has flagged the possibility of a recession due to the outbreak.”

Separately, Finance Minister announced that the government is preparing the second stimulus package to aid businesses and workers impacted by the virus outbreak.

Last month, the government announced SGD800 million to fight the outbreak.

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