The Ministry of Trade and Industry of Singapore downgraded its economic growth forecast to between 0.5-1.5 percent from the rate of between 0.5-2.5 percent estimated in November 2019.
Illustrative image (Source: gCaptain)
The ministry said that the acute respiratory disease caused by the novel coronavirus (COVID-19) would have negative impact on the Singaporean economy, especially in manufacturing, wholesale trade and tourism.
In Asia, the outbreak is likely to dampen the growth prospects of China and other affected countries this year.
The disease would cause a significant decrease in the number of international tourists to Singapore, the ministry said.
Last year, Singapore’s economy expanded by 0.7 percent, lower than the 3.4 percent growth rate of 2018./.