SINGAPORE (Apr 30): The Monetary Authority of Singapore’s (MAS) latest take on the Covid-19 pandemic’s effect on Singapore’s economy makes for sombre reading. The global demand that so substantially shapes our prospects will contract sharply this year. That will compound the woes created by the stringent restrictions on social mingling here. There could be a fairly robust upturn next year, but even if much goes well, the world economy will probably still be below where it should have been without this pandemic shock. Moreover, the MAS warns that the risks are very much to the downside: The oil price crash is also hurting Singapore’s economy and tighter financial conditions around the world could trigger more stresses in the world economy. Singapore’s economic prospects are therefore “significantly diminished”.

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