CORONAVIRUS | But the economy has not experienced significant capital outflows or unusual funding stresses
A recession in Singapore's trade-reliant economy could be deeper than forecast as the protracted nature of the Covid-19 pandemic is likely to hamper a decisive rebound in global activity, the city-state's central bank said today.
Singapore's current forecast for GDP is –4 percent to –1 percent, but growing risks to the outlook include more stringent measures to contain the spread of the coronavirus in Singapore and around the world, the central bank said. The Covid-19 pandemic knocked Singapore's economy in the first quarter when it shrank 2.2 percent - its sharpest contraction since the 2009 financial crisis.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Central Bank: Philippines faces U-shaped recoveryMANILA: The Philippines is poised for a U-shaped economic recovery in 2021 after a likely recession this year as the pandemic halted most of the economy since mid-March, central bank Governor Benjamin Diokno said.
Read more »
Central Bank: Singapore faces wage cuts as businesses curb costsSINGAPORE (Bloomberg): Wages in Singapore will take a bigger hit than jobs as businesses try to cut costs in an economy bracing for a sharp contraction, the central bank said.
Read more »
Yemen crisis deepens as separatists declare self-governance | The Malaysian InsightThey have set up checkpoints at all government facilities, central bank and Aden port.
Read more »
German start-up in global demand with anti-virus escalators | The Malaysian InsightIt has developed UV light boxes that can be built into escalators to disinfect handrails.
Read more »
Merkel faces growing criticism over German virus strategy | The Malaysian InsightSigns of discontent are growing after the German chancellor warns that the lifting of Covid-19 restrictions should not be rushed.
Read more »
Deutsche Bank says results will beat forecasts | Malay MailFRANKFURT, April 27 — Germany’s biggest lender Deutsche Bank said it expects to report a net profit of €66 million (RM311.3 million) for the first quarter, beating market forecasts. Turnover is expected to reach €6.4 billion while provisions for credit losses should amount to €500...
Read more »