ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Nikkei Markets

Singapore growth forecasts slashed as virus hits key sectors

Contraction expected as economists see more support measures

Singapore retailers have been badly hit by the fall in visitor arrivals, and many have already shortened operating hours and reduced staffing levels to cut expenses.   © Getty Images

SINGAPORE (Nikkei Markets) -- Singapore's economy is expected to shrink by 0.8% in the first quarter as the global spread of COVID-19 disrupts manufacturing supply chains and empties the city-state's hotels and restaurants.

According to median estimates in the Monetary Authority of Singapore's latest survey of professional forecasters, the domestic accommodation and food services sector is likely to contract by 8.2% year on year in the first three months.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more