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Market watchers roll back 2020 GDP forecasts as virus spread intensifies

Uma Devi
Uma Devi2/6/2020 03:50 PM GMT+08  • 4 min read
Market watchers roll back 2020 GDP forecasts as virus spread intensifies
As a result of the virus, Maybank Kim Eng has revised its 2020 GDP growth forecast to 1.1% from the previous 1.8% , while OCBC has widened its 1-2% GDP growth forecast to 0-2%.
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SINGAPORE (Feb 6): Although the easing of US-China trade tensions was a signal of “green shoots” in a troubled global economy, the novel coronavirus (2019-nCOV) is now the latest threat to an economic recovery.

As at Feb 6, the total number of confirmed virus cases in Singapore stands at 28. Seven of these cases involved local transmissions, with the infected patients claiming they hadnot travelled to China recently. However, the Ministry of Health has maintained that there is no evidence of widespread community transmission in Singapore just yet.

With the Budget slated to be announced on Feb 18, the Ministry of Trade and Industry (MTI) has noted that the Wuhan virus outbreak is expected to affect Singapore's economy this year, and the government will implement measures to support businesses.

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