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Singapore among countries likely to recover first; global economic recovery slated to stretch to 2023 and beyond: S&P Global Ratings

Felicia Tan
Felicia Tan9/24/2020 05:16 PM GMT+08  • 3 min read
Singapore among countries likely to recover first; global economic recovery slated to stretch to 2023 and beyond: S&P Global Ratings
"Already, we forecast credit losses of about US$2.1 trillion ($2.89 trillion) for 2020 and 2021," say S&P Global Ratings analysts.
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Singapore, along with China, Canada, Hong Kong, South Korea, and Saudi Arabia are among the banking systems that are likely to recover first from the Covid-19-induced economic downturn, says S&P Global Ratings.

The ratings agency, in a report dated September 23, said that these countries are likely to recover by end 2022.

However, the recovery will not be spread evenly across the globe, with the agency predicting a 2023 recovery for both developed and emerging markets (DMs and Ems) such as the US, UK, most of Western Europe including Russia, Japan, Brazil, Australia, and Indonesia.

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