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Singapore forecasts -0.5 to 1.5% GDP growth in 2020 on coronavirus

Economy could shrink for first time in 19 years as disease disrupts tourism and supply chains

The Singapore tourism agency said last week it expects a 25% to 30% decline in visitor arrivals this year. (Photo by Akira Kodaka) 

SINGAPORE -- The Singapore economy is projected to continue its slow growth of -0.5% to 1.5% this year, the government said Monday, as the new coronavirus crisis hits local businesses. 

Last year's gross domestic product expanded 0.7%, down from 2018's 3.4% due to the U.S.-China trade war, marking the lowest rate since 2009, when the economy was hit hard by the global financial crisis.  

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