Singapore government downgraded growth forecasts for the year as China’s Wuhan coronavirus outbreak is weighing on the country’s economy. For 2020, the Ministry of Trade & Industry projected growth in range of -0.5% to 1.5%, lowered from prior estimate of 0.5% to 2.5%.
Gabriel Lim, permanent secretary at the ministry, said, “as the COVID-19 situation is still evolving, there is a significant degree of uncertainty over the length and severity of the outbreak, and hence its overall impact on the Singapore economy.”
Singapore has the second highest number of coronavirus cases (75) outside China, next to Japan. Finance minister Swee Keat might launch a strong stimulus package in the budget delivered tomorrow, to offset the economic impacts.