Unemployment and corporate bankruptcies are likely to increase in the coming months, said Ravi Menon, managing director of the Monetary Authority of Singapore.
Singapore's economic situation remains "dire" due to the coronavirus pandemic, said Ravi Menon, managing director of the Monetary Authority of Singapore.MAS, the country's financial regulator and central bank, reported a net profit of 10.6 billion Singapore dollars in the financial year ended March 31.
pandemic, with unemployment and corporate bankruptcies likely to increase in the coming months, the country's central bank said Thursday.after shrinking by 41.2% in the second quarter compared with the previous quarter, according to advance estimates released this week by the Ministry of Trade and Industry. Its official forecast is for the economy to contract between 4% and 7% this year — which would be the most severe downturn since the country's independence in 1965.
"We are not at the beginning of the end, but rather the end of the beginning," said Ravi Menon, managing director of the Monetary Authority of Singapore, which is the country's financial regulator and central bank.
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