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UOB says it sees 'better odds' of V-shaped economic recovery in 3Q20, sees a recession on the cards for Singapore

Felicia Tan
Felicia Tan6/23/2020 03:48 PM GMT+08  • 4 min read
UOB says it sees 'better odds' of V-shaped economic recovery in 3Q20, sees a recession on the cards for Singapore
In Singapore, UOB foresees a recession looming, in line with the economic performance across the ASEAN region. It has also kept its full-year headline and core inflation at -0.3% in 2020.
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SINGAPORE (June 23): Following a volatile first quarter in 2020 and an unprecedented amount of quantitative easing as well as fiscal stimulus, global financial markets have stabilised in the months of May and June, says UOB in its quarterly global outlook for 3Q20.

Taking on a more positive outlook than its previous report in March where it warned of a sharp and widespread global “synchronised recession”, the bank says that the massive coordinated monetary easing and fiscal stimulus by governments around the world appear to have done their job in stabilising asset and financial markets.

However, the bank remains cautious moving forward, questioning whether this recovery in asset and financial markets is sustainable, and what will happen once the government assistance wears off.

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