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Singapore Sees Sharper Economic Slump on Global Virus Spread

  • Trade minister sees supply chains, connectivity disrupted
  • Country planning ‘much more testings’ for entire population
Bloomberg business news
Watch: Minister Chan Chun Sing discusses the economy, the impact of coronavirus on the city and his outlook for ending the lockdown.(Source: Bloomberg)
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Singapore is bracing for a sharper economic contraction this year than an earlier forecast of a slump of as much as 4%, as the coronavirus pandemic continues to spread globally and disrupts supply chains.

The city-state is “very likely” to see a steeper fall in GDP, trade and industry minister Chan Chun Sing said Thursday in an interview with Bloomberg Television’s Haslinda Amin. “We are really concerned that worldwide, this is going to lead to a more serious problem than many had anticipated just a month ago.”