(Mar 26): Singapore’s economy contracted the most in a decade in the first quarter, a bellwether for the rest of Asia as the fast-spreading coronavirus continues to shut down vast parts of the world.

Gross domestic product fell an annualized 10.6% in the first quarter from the previous three months, far worse than the median forecast of an 8.2% decline in a Bloomberg survey of economists. The government said it now sees a sharp contraction in the economy of 1%-4% for the full year.

“As the global Covid-19 situation is still evolving rapidly, there remains a significant degree of uncertainty over the severity and duration of the global outbreak, and the trajectory of the global economic recovery once the outbreak has been contained,” the Ministry of Trade and Industry said in a statement. “The balance of risks, however, is tilted to the downside.”

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