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Singapore's GDP estimated to shrink 8.5% after circuit breaker extended: Citi

Bloomberg
Bloomberg4/22/2020 04:42 PM GMT+08  • 2 min read
Singapore's GDP estimated to shrink 8.5% after circuit breaker extended: Citi
Singapore will witness a deeper recession this year after the nation extended and tightened its partial lockdown, Citigroup Inc. warned, widening its forecast for an economic contraction.
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(Apr 22): Singapore will witness a deeper recession this year after the nation extended and tightened its partial lockdown, Citigroup Inc. warned, widening its forecast for an economic contraction.

The city-state’s economy will contract by 8.5% in 2020, down from an earlier estimate of a 6% fall, economists Wei Zheng Kit and Kai Wei Ang wrote Tuesday after Singapore extended “circuit breaker” measures until June 1 to “decisively” bring down coronavirus cases within the community.

“The circuit breaker would cause close to 25%-30% of GDP to come to a standstill, with every month of extension further reducing 2020 GDP by 2% to 2.5%,” the economists wrote. “The technical rebound after the lifting of the circuit breaker on 1st Jun will be capped by continued social distancing and only gradual recovery in exports.”

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