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Economy

Singapore narrows 2020 GDP forecast to -5% to -7% as outlook dims

PM Lee warns of more economic pain, with COVID crisis 'far from over'

The coronavirus has Singapore headed for its worst economic performance in its 55-year history.   © Reuters

SINGAPORE -- Singapore on Tuesday revised this year's economic growth projection to a range of -5% to -7%, from the previous -4% to -7%, underscoring the prolonged impact of COVID-19 on the city-state's businesses.

Gross domestic product for the April-June quarter -- during which the country was under heightened restrictions -- shrank 13.2% on the year, the government said the same day, worse than the preliminary showing of -12.6%. As the initial data already showed, the country has slipped into a technical recession.

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