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Economists at Standard Chartered Bank downgrade the 2020 GDP growth forecast for Singapore to -9.6% from -3.1% previously. USD/SGD is trading at 1.4141.

Key quotes

“We downgrade our 2020 GDP growth forecast for Singapore to -9.6% y/y from -3.1% y/y, to account for the strict containment (circuit-breaker) measures implemented on 7 April and expected to last until 1 June.” 

“We raise our 2021 GDP growth forecast to 10.8% y/y from 7.8% previously, due primarily to an even more favourable base effect.”