Singapore’s economy could shrink 7.6% on-year in the third quarter, central bank survey shows - Flaze News

KEY POINTS!

• Singapore’s economy is expected to shrink by 7.6% in the third quarter compared to a year ago, which would be the third consecutive quarter of contraction, according to a survey by the Monetary Authority of Singapore.
• A potential worsening in the coronavirus pandemic remains the top threat to the Singapore economy, according to economists and analysts in the MAS survey. 
• For the full year, the survey respondents expect Singapore’s gross domestic product to fall by 6%, said the MAS.

Singapore-Singapore economy is expected to shrink 7.6 percent in the third quarter compared to a year ago, according to a central bank survey by the Economy and Analysts with the Coronavirus Global Bank.

This is the third consecutive quarter of the Southeast Asian economy. But it will still be an improvement from the 13.2 lb reduction of the second quarter compared to a year ago– which is on record at the country's worst quarter, data by the Singapore Department of Data has shown.

The quarterly survey was sent last month to 28 economy analysts who are closely monitoring the country's economy. Singapore's financial authority received 26 responses.

Here are survey respondents’ forecast for the different sectors in the third quarter:

• Accommodation and food services would shrink by 30% in the July-to-September quarter compared to a year ago.
• Construction, one of the sectors most reliant on migrant workers, is projected to contract by 25% year over year.
• Wholesale and retail trade, as well as manufacturing, are forecast to contract by 6% and 0.6% on-year, respectively.
• Finance and insurance appears to be a bright spot, with economists expecting the sector to expand by 4.7% in the third quarter from the prior year.

For the full year, survey respondents expect Singapore's gross domestic product to fall by 6%, Eid said. This is because the government has been predicted to be between 5% and 7%.

Card Recovery

Singapore will be one of the earliest countries outside China to be hit by the virus. As of Sunday, the country has confirmed more than 90% of the 57,000 total infections, compared to the migrant workers who were in the tang hostel.

Out of the total cases, more than 56,000 have been recovered, while 27 people have died, the health ministry said. 

The Singapore government has issued a partial lock-up – which it calls "circuit breaker" which is the virus's spread in April.

Today, most of these measures have been taken and almost all economic activities have resumed. The government has allocated around 100,000,000 Singapore dollars ($73,260,000) to help businesses and families through the global warming crisis.

The AMS survey is expected to continue to recover the economy. They predict that the economy could grow by 5.5 lbs. next year, the results showed. 

But around 90% of respondents described the Biggest Threat to Singapore's economy as a potentially worse global threat, the survey found. Experts were also concerned about U.S.-China tensions and slow-moving global economic recovery, the results showed.

He said that on Philip's side, the control of the disease of the Coronavirus — or Covid-19 — was the reason for the "successful global deployment of a vaccine" as an example.