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Singapore adds $23bn of virus relief after flagging 4-7% GDP fall

Q1 contraction of 0.7% seen as start of long struggle as infections near 32,000

SINGAPORE -- Singapore on Tuesday downgraded its growth projection for this year to a range of -7% to -4%, from the previous forecast of -4% to -1%, suggesting prolonged economic damage from the coronavirus pandemic despite the phased business resumption starting next week.

The city-state the same day reported a 0.7% decline in its first-quarter gross domestic product. Later, the government announced additional support for affected businesses worth 33 billion Singapore dollars ($23 billion).

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