SINGAPORE (Apr 27): Despite a surprising upturn in manufacturing growth from strong pharmaceutical production, Maybank Kim Eng Research anticipates the Singapore economy to contract by 7% in FY2020 after the extension and broadening of “circuit breaker” measures. 

See also: $63.7 bil Covid-19 package to be main stimulus for Singapore's economy as core inflation remains in the red, say economists

With the government having extended the partial lockdown to 1 June and expanded its definition of “non-essential services”, the research house has reduced its growth forecast from its original prediction of -6%. This figure exceeds estimates by the Monetary Authority of Singapore, which predicted GDP growth of -4% to -1% in its April Monetary Policy Statement. 

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook