Singapore’s retail loans market is estimated to decline by 2.5% in 2020, compared to the previous forecast of 2.2% growth.

The contraction, which will reach an estimated $315.8 billion, is due to the negative impact of Covid-19 on its economy, according to data and analytics company GlobalData.

“The Covid-19 outbreak is weighing on Singapore’s banking industry, with banks experiencing low net interest margins (NIMs), primarily due to low-interest rates and rising credit costs,” says Shivani Gupta, senior banking and payment analyst at GlobalData.

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