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Maybank: Singapore economy to contract 7% in 2020 despite manufacturing upturn

Ng Qi Siang
Ng Qi Siang4/27/2020 04:06 PM GMT+08  • 3 min read
Maybank: Singapore economy to contract 7% in 2020 despite manufacturing upturn
Despite an upturn in manufacturing, the Singapore economy could contract by as much as 7 per cent, say Maybank Kim Heng analysts.
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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.

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